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Finnish firm to finance seven wind farms in India

Nordic Investment Bank and India's Axis Bank agree on USD 50m loan to built seven Indian wind farms

The USD 50m agreement will see seven wind farms built in India
The USD 50m agreement will see seven wind farms built in India

A Finnish investment bank firm is financing millions to India to build a series of wind farms in the country. The Nordic Investment Bank (NIB) in Finland and India's Axis Bank have agreed on a USD 50 million loan to built seven Indian wind farms.

Altogether, 208 wind energy turbines of 0.85-2.10 MW will be set up, making the total capacity of the new wind parks 300 MW. Five of the seven units are being constructed in the state of Tamil Nadu, and the remaining two units will be built in Andhra Pradesh and Gujarat. The project is being implemented by the special-purpose company Beta Wind Farm Pvt.

The wind turbine generators will be sourced from several international suppliers, including Vestas, Suzlon, Gamesa, GE and LSML.

The NIB is the common international financial institution of the eight Nordic and Baltic countries. It provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. Axis Bank, a listed company, started operations in 1993 and it is currently the third largest private sector bank in India.