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LONDON, September 2, 2009 — Indian Energy, an independent power producer operating wind farms in India, today announced its admission to AIM, raising £9.75 million before expenses through a placing of ordinary shares. Covington & Burling LLP advised Indian Energy on the transaction.
Indian Energy is focused on building a portfolio of wind power generating assets. The company currently owns and operates a 24.8 MW wind farm at Gadag, near Hubli in Karnataka, and intends to own a portfolio of wind farms in India with 300 MW of annual generating capacity by the end of the 2012/13 financial year.
Wind energy is a well developed part of renewable energy production in India with considerable growth prospects and proven technology. India’s economic growth rate over recent years has exacerbated the continuing deficit of energy supplies; this and enabling legislation, which has created an attractive tariff and fiscal structure for private sector investors, has stimulated the independent power generation sector.
Simon Amies, a London corporate partner, who led the Covington team commented: “We are delighted to have assisted Indian Energy reach this important milestone in the company’s development. Covington has significant experience advising on capital markets transactions and in the global renewable energy sector, as well as in India as a geographic region, and we were consequently in a great position to advise the company on its admission to AIM.”
The Covington team also included corporate associates James Baillieu and Richard Holden, and trainee Tom Goodman. Of counsel Guy Dingley and associate Ed Dearing advised on tax, and of counsel Peter Cooke advised on employment elements of the transaction. All are resident in Covington’s London office.