GE Energy Financial Invests in Sikkim Hydro Project
GE Energy Financial Services India has invested Rs 257 crore in the Sikkim hydro-power project developed by the energy initiative of the express and logistics company Gati Limited. The investment was made through a share subscription agreement.
Gati Infrastructure Private Limited, the energy initiative of Mahendra Agarwal, Founder and CEO of Gati Limited, has developed the 110 megawatt Chuzachen hydro-electric project in East Sikkim to harness the water flow from the rivers Rangpo and Rongli. The project was commissioned in May this year.
The run-of-river hydel project has turbines and generators from Alstom India Ltd . The project built at a cost of Rs 1,188 crore is the first one of such size under private ownership in the north east of India. IDFC is the lead financier with a loan at the project level. Capital Fortunes Private Limited, Hyderabad are the advisors and sole arrangers in respect of this transaction.
Mahendra Agarwal said, “Sikkim is a growing economy in the north east with average rainfall higher than in several other Himalayan States. With glacial melt and the perennial rivers, Sikkim has a peak potential capacity of 8,000 megawatts of hydro-electric power.”
Amrit Jal Ventures Private Limited is the holding company for hydel projects under the Gati Infrastructure established to generate power.
This has three special purpose vehicles (SPV) with three hydro-electric power projects under construction in Sikkim. These include 110 megawatt Gati Infrastructure Private Limited, 54 megawatt, Gati Infrastructure Bhasmey Power Pvt Limited and 71 megawatt Gati Infrastructure Sada-Mangder Power Private Limited.
The Group presently has a portfolio of hydro-electric and solar power projects and is looking to further expand its renewable energy portfolio.