Yes Bank enters financial advisory deal with Windlab Systems
Indian private sector lender Yes Bank on Monday has entered into a strategic and financial advisory deal with Australia based Windlab Systems.
New Delhi (PaisaWaisa) August 19, 2008: Yes Bank has entered into a strategic and financial advisory deal with Australia's Windlab Systems to boost its fee and interest income. Under the 12-month extendable agreement, Yes Bank will help the Windlab Systems to identify potential joint venture (JV) partners for setting up wind energy projects in India. Somak Ghosh, president (corporate finance and development), Yes Bank told that bank will provide advisory and subsequent debt financing to joint ventures while, a private equity fund of the bank may be considered for making equity investments in them.
"In the next 18 months, we expect 4 JVs to come up with a total capacity of 200 mega watts involving a total investment of 10 billion rupees," he further added. It is estimated that advisory fees would be around 1-1.25 per cent of the deal value. Income from financial advisory services are contributed about 26 per cent of the bank's non-interest income for the quarter which ended on June 30.
The total wind energy capacity of India is 7, 000 mega watts which is expected to reach 30,000 mega watts by 2022, said Mark Sinclair, a chief executive officer at Windlab Systems. Therefore, total estimated investment would be around $50 billion.
The key criteria for selecting a potential partner is their ability to secure land rights. By adding the key strength of Windlab helps in identifying sites which are otherwise overlooked by traditional technology.
Presently, Windlab is executing 5,000 mega watts of similar joint venture wind energy projects in Canada, US, South Africa, New Zealand and Australia. As matter of fact, shares in Yes Bank were trading 5.75 per cent higher at 134.25 rupees in the Mumbai market.
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