Veer Energy’s arm secures loan worth Rs 52.56 crore from IREDA

Veer Energy & Infrastructure’s - wholly owned subsidiary - Shruti Power Projects (SPPPL) has been sanctioned a loan of Rs 52.56 crore by the Indian Renewable Energy Development Agency (IREDA), a Government of India enterprise. This loan is sanctioned for setting up a 12 MW wind farm, project size worth Rs 75.60 crore at Vinjalpur Village, Khambhalia district in the state of Gujarat. The said subsidiary has signed the loan agreement. This is expected to generate additional revenue of Rs 12 crore per annum by way of power generation. Besides, the company is also expected to take the benefit of Generation Based Incentive (GBI) as per the policy declared by the Central Government. The company is expected to commission the project by August 31, 2014. Veer Energy & Infrastructure was founded in 2006, it is an innovative energy & infrastructure company headquartered in Mumbai, its objective is to play a major role in responding to the growing problem of climate change attributed to greenhouse gas emissions.