Caparo Energy-wind focused IPP with target of 5000MW by 2017 posts maiden interim results-Finalizes details of senior debt facility of Rs 4.5 bn

Caparo Energy, a Guernsey company that is the holding company for subsidiaries (together, the “Group”) that seek to generate wind power in India.

Caparo Energy is focused on becoming one of the leading independent power producers in India and is seeking to generate predictable and long-term cash flows by building up a portfolio of wind power generating assets in the Indian wind energy market. The Group intends, in due course, to acquire and develop a portfolio of wind farms with a target total annual installed capacity of up to 5,000 MW, which it intends to develop in two concurrent phases: Phase I consisting of 3,000 MW with a target completion date of 2016; and Phase II consisting of 2,000 MW with a target completion date of 2017.

For Phase I, the Company, through its subsidiary Caparo Energy (India) Limited (“Caparo Energy India”), has entered into a business partnership agreement with Suzlon Energy Limited (“Suzlon”), one of the world’s leading wind turbine generator manufacturers, to acquire up to 3,000 MW of wind power generation farms.

For Phase II, Caparo Energy India is in advanced discussions to acquire land and turbines from international vendors in connection with wind power farm development in wind-rich states in India, including Karnataka, Maharashtra, Tamil Nadu and Andhra Pradesh.

The Company believes this should provide both geographic and customer-base diversification to the Group’s portfolio and that these sites will, if and when acquired, be suitable for installing an additional 2,000 MW of capacity by 2017.

According to a release from the company, Caparo Energy posts a pre-tax loss of $441,073 from its maiden interim results for the six months to the end of September. The operating loss was $442,145. The company joined the AIM market of the London Stock Exchange in November and raised approximately £50.2m net of expenses.

The company said it has finalised details of the senior debt facility of Rs. 4.5 bn with Infrastructure Development Finance referred to in its admission document.

Caparo Energy says that the discussions with Suzlon are are ongoing and the board looks forward to announcing the details of the first purchase orders early in the new year. Panchabuta, had talked about this in an earlier report in may this year.


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