News / GE Energy Financial Services Invests in Hydroelectric power project in India

GE Energy Financial Services Invests in Hydroelectric power project in India

🕔 August 6, 2013
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On 30 July 2013, GE Energy Financial Services announced that it has invested  Rs. 257 Crores (US$42 million) in the 110 megawatt Chuzachen hydro-electric project in East Sikkim (north of India) through a share subscription agreement.

The project is being developed by Gati Infrastructure Private Limited, an energy initiative of Mr. Mahendra Agarwal, Founder and CEO of Gati Limited.

The project harnesses the water flow from the rivers Rangpo and Rongli, in a run-of-river design, with turbines and generators supplied by Alstom India Ltd.

The project built at a cost of Rs. 1188 Crores (US$194 million) is the first one of this magnitude, 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. Commissioned in May of this year, the project is operating at steady state.

Capital Fortunes Private Limited - Hyderabad are the advisors and sole arrangers in respect of this transaction. Commissioned in May of this year, the project is operating at steady state.

Source: General Electric



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