Hyderabad, Andhra Pradesh, India - July 30, 2013: Gati Infrastructure Private Limited -an energy initiative of Mr. Mahendra Agarwal, Founder and CEO of -- Gati Limited, India's pioneer and leader in Express Distribution and Supply Chain Solution is helping to alleviate India's enormous electricity shortage with its first and largest hydro-power project in the private sector, in the north east of India.
GE Energy Financial Services India has invested Rs. 257 Crores in the hydro-power project through a share subscription agreement. The 110 megawatt Chuzachen hydro-electric project in East Sikkim 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 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.
Mr. Mahendra Agarwal, promoter of Gati Infrastructure, explained why the company chose the snowy, rainy northeastern state of Sikkim as the hydro-power project's location "Sikkim is a growing economy in the north east with average rainfall higher than in several other Himalayan States. With glacial melt and the perennial rivers, Sikkim has a peak potential capacity of 8,000 megawatts of hydro-electric power."
Note to Editors:
Photos of the Hydro Power Project are available here: http://www.gatiinfra.com/html/gati-infrastructure-ltd-project-pictures.htm
For more details: www.gatiinfra.com
About Amrit Jal Ventures Private Limited
Gati Infrastructure Private Limited (GIPL) was established with the intent to generate non-carbon power and meet the strategic objectives of India's energy demands. The project's holding company, Amrit Jal Ventures Private Limited is the owner of Special Purpose Vehicles (SPV) with three hydro-electric power projects under construction in the state of Sikkim. 110 megawatt Gati Infrastructure Private Limited, 54 megawatt - Gati Infrastructure Bhasmey Power Pvt Limited and 71 megawatt Gati Infrastructure Sada-Mangder Power Private Limited. The Group presently has a portfolio of hydro-electric and solar power projects and is looking to further expand its renewable energy portfolio.
About GE Energy Financial Services
GE Energy Financial Services - GE's energy investing business - works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money - expertise - for essential, long-lived and capital-intensive power, oil and gas infrastructure - GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds an approximately US $20 billion global energy portfolio. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ
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Andy Katell
GE Energy Financial Services Senior Vice President Communications
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