Hyderabad: GE Energy Financial Services India has invested Rs 257 crore in the Sikkim hydro-power project developed by Gati Ltd.
The investment was made through a share subscription agreement, according to Gati.
Gati Infrastructure Pvt Ltd, the energy initiative of Mahendra Agarwal, Founder and CEO of Gati Ltd, has developed the 110-megawatt Chuzachen hydro-electric project in east Sikkim to harness the water flow from the rivers Rangpo and Rongli. The project was commissioned in May.
The run-of-river hydel project has turbines and generators from Alstom India Ltd. The project built at a cost of Rs 1,188 crore is the first one of such size under private ownership in the North_East. IDFC is the lead financier with a loan at the project level. Capital Fortunes Pvt Ltd, Hyderabad, are the advisors and sole arrangers.
Mahendra Agarwal said, “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.”
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