Yes Bank to finance Windlab Systems to drive wind power into India
05 August 2008
Australian wind energy resource assessment consulting firm Windlab Systems today said it had eneterd into a year-long strategic funding deal with private sector Yes Bank to provide financial advisory services for its Indian projects.
Yes Bank group president corporate finance and development banking, Somak Ghosh said Yes Bank will act as a strategic and financial advisor to Windlab and would identify prospective joint venture partners for the company to operate in domestic wind-energy market. It will help in debt financing, private equity participation.
According to the agreement, the bank would facilitate Windlab System's business interests in India through debt financing, private equity participation, and forging the company's associations with local partners to build a portfolio of wind projects in the country.
The initiative was announced by Windlab's CEO, Mark Sinclair, at the opening of Windlab's new office by Senator Kim Carr, Australian minister for innovation, industry, science and research.
''Windlab Systems has experienced unprecedented growth over the past 12 months since the commencement of its international expansion," said Sinclair. "With the support of Australian venture capital funding, Windlab has grown rapidly, amassing a world class portfolio of wind energy projects under active development, totalling more than 5,000MW of capacity across five countries, nearly 10 times all of Australia's current operating capacity.
''We are very pleased to announce today the next step in our global expansion - the formation of a strategic relationship with Yes Bank in India. As one of India's fastest growing banks with a real focus on the renewable energy sector, Yes Bank is ideally positioned to help the deployment of the technology in the fast growing Indian market.''
Yes Bank is an exclusive strategic and financial advisor to Windlab for its India business thereby identifying and finalising potential joint ventures partners in India for deploying Windlab's technology in the country.
