Indian Energy owns and operates a 24.8 MW wind farm project located at Gadag Plains in the State of Karnataka, near Hubli. The project was acquired under an EPC contract with Enercon India (www.enerconindia.net) in 2007 and consists of 31 E-53 800 kW turbines. The project was fully commissioned on 17 February 2009 and supplies power to the Bangalore Electricity Supply Company under a 20-year Power Purchase Agreement.
Enercon India is a Mumbai based company manufacturing turbines using the technology from Enercon GmbH, Germany. Enercon India has installed more than 4,100 turbines in India with a total capacity in excess of 2,900 MW.
The project finance for this project was provided by State Bank of India, arranged by SBI Capital Markets - the first wind farm in India to be financed off-balance sheet by an Indian lender.
The Gadag project is registered under the Clean Development Mechanism under the Kyoto Protocol and the Group has pre-sold the project's CERs to 2016.
The project is expected to produce on average 55.8 million kWh of electricity per annum.