Bankrupt infra major IL&FS on Thursday completed the sale of its 51 percent stake in seven wind power special purpose vehicles to Orix Corporation of
Japan for Rs 4,800 crore.
With this, Orix, which previously owned 49 percent in each of these seven projects, now has 100 percent ownership, the company said in a statement.
The seven wind power plants,, held through seven special purpose vehicles through IL&FS Wind Energy, are spread across 12 states with a total generation capacity of 874 mw and have a combined debt of around Rs 3,700 crore.
"With the order of the NCLT Mumbai, Orix has transferred the money into an escrow account-- around Rs 590 crore towards equity value and an additional Rs 216 crore towards full repayment of debt advanced by IL&FS Energy Development Company to these SPVs," IL&FS said.
The entire debt of around Rs 3,700 crore held in the seven SPVs will now be with Orix thereby resulting in no haircuts for the lenders.
External lenders to the wind SPVs are Power Finance Corporation, Bank of Baroda and India Infradebt.
The SPVs are Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy.