Wind Project Funding boosts to $7.2 Billion in Q1 2014

As per reports by Mercom Capital Group, offshore wind energy has received major boost with funding of $7.2 billion. The notable India deals were by Continuum Wind Energy which through its subsidiary Surajbari Windfarm Development, raised a total of $144 million for the construction and development of two wind projects in Madhya Pradesh.

Also, Rayala Wind Power raised $39.7 million funding from Central Bank of India, Infrastructure Development Finance Company (IDFC) and Indian Renewable Energy Development Agency (IREDA) for the development, construction and operation of a 50 MW wind project in Andhra Pradesh. This makes the total India wind projects to 164.4 MW for the first quarter of 2014.

But the venture capital funding fell to $32 million compared to $93 million in Q4 2013.

3sun Group made the largest venture capital funding deal and secured $16.7 million from Business Growth Fund.

The government of India has also put in place plans for a wind energy mission this year. India has approximately estimated wind power potential of 1,02,000 MW (assessed at 80 m height) with the states of Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Tamil Nadu being ideal locations. As per MNRE, India has a total capacity of over 20,000 MW of wind power.