Gujarat Venture Finance Ltd. (GVFL) has picked up an equity stake for Rs.40 crore in an SPV of UK-based SITAC Group, formed to execute a 50 MW wind farm project of Rs.252 crore in Gujarat. SITAC, which operates in the power generation sector through its subsidiary SITAC RE, plans to set up a combined 250 MW capacity wind farms in Gujarat over the next two years.
The total project cost is pegged at Rs.1,750 crore. GVFL, has made the investment through its Golden Gujarat Growth Fund (GGGF)-I, a dedicated fund with a corpus of Rs.1,000 crore, focused on infrastructure building, especially in the renewable energy sector. GGGF-I is a state promoted fund, where state government is the main sponsor with a commitment of Rs.200 crore, along with other financial institutions like LIC and banks.
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