Simran Wind Halts India Expansion, Says Subsidy Too Late

Simran Wind Project Pvt., an Indian wind farm developer backed by the International Finance Corp., halted plans to expand this financial year, saying government subsidies arrived too late.

Simran, with 207 megawatts of capacity in operation, had planned to add as much as 150 megawatts annually.

“We have not done any projects this year,” Joy Saxena, a director at the company, said in an interview. While the government reinstated a wind-farm subsidy in August, that was too late for the wind developer to find a site and build a project by the end of fiscal year on March 31, he said.

The company expects to resume its expansion next year and is targeting 800 megawatts by 2017, focusing on Tamil Nadu state, he said. Simran is a unit of Kolkata-based Techno Electric & Engineering Co. The IFC acquired 3.4 percent of Simran in 2011.

Before it's here, it's on the Bloomberg Terminal.