NIB helps tap renewable energy in India

NIB and India's Axis Bank Limited have agreed on a USD 50 million loan for seven wind turbine parks in India.

Altogether, 208 wind turbines of 0.85-2.10 MW will be set up, making the total capacity of the new wind parks 300 MW. Five of the seven units are being constructed in the state of Tamil Nadu, and the remaining two units will be built in Andhra Pradesh and Gujarat. The project is being implemented by the special-purpose company Beta Wind Farm Pvt. Ltd.

The wind turbine generators will be sourced from several reputable international suppliers, including Vestas, Suzlon, Gamesa, GE and LSML.

Axis Bank, a listed company, started operations in 1993 and it is currently the third largest private sector bank in India.

The financing was concluded in close cooperation with HSBC that acted as financial adviser to Beta Wind Farm Pvt. Ltd.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.

For further information, please contact

Ms Tarja Kylänpää, Deputy Head of International Lending, at +358 10 618 0237,

Mr Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296,