Saudi renewables developer Alfanar has reached financial close on a 300MW wind farm in the Indian region of Gujarat.
Local outfit L&T Finance and L&T Infrastructure Finance is providing over $200m for the wind farm in Bhuj.
Alfanar secured the rights to develop the project in an auction conducted by Solar Energy Corporation of India, on behalf of the Ministry of New and Renewable Energy.
Financial close has been reached three months ahead of schedule, the company added.
Alfanar vice chairman Sabah Mohammed Al Mutlaq said: “By promoting environmental stewardship, advocating sustainable business practices and taking a socially responsible position towards renewable energy production, Alfanar is taking a proactive, long-term approach in reducing the global environmental impact through renewable project development.
“And in line with our vision, we are happy that our India project has successfully reached the financial close with the partnership of L&T Finance and L&T Infrastructure Finance and others.”