October 16, 2008

Indowind to acquire European wind energy company

It is reported that Indowind Energy is planning to acquire a wind energy company in Europe for an estimated cost of around INR 400 crore and that the acquisition is in the final stages.

As per reports, Indowind Energy has raised around INR 100 crore from a recently concluded initial public offering and another USD 100 million through a foreign currency convertible bonds issue.

Indowind Energy is in the process of installing an additional capacity of 9 MW at the wind farm project at Chitradurga district in Karnataka and has acquired 125.23 acres of land in the state for the purpose. It will also use the proceeds to set up a 1,000 MW project in Karnataka, for which it has received approvals from the Power Finance Corporation.