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The State Bank of India (SBI) is financing Indian Energy’s Rs. 290 crore ($61.6 million), 49.5 MegaWatt Theni wind farm in Tamil Nadu. The Alternative Investment Market-listed Indian Energy had earlier entered into a ‘Turnkey’ agreement with Chennai based ReGen Powertech, to supply and install wind turbines in Theni.
Indian Energy has also entered into a 20 year Power Purchase Agreement with the Tamil Nadu Electricity Supply Board. Indian Energy already owns a 24.8 MW wind farm in Gadag, Karnataka and is intending to generate at least 300 MW of electricity by 2013.
Trilegal is acting as the legal advisors to Indian Energy. Delhi Partner Akshay Jaitley informed Bar & Bench that the transaction was ongoing and consequently declined to disclose any details. Bombay project finance boutique India Law Services is advising the State Bank of India; Partner Ishtiaq Ali declined to reveal any details of the team, citing firm policy.