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Indian hydro wins German finance

IN THE WAKE OF an intensive European road show by the Indian Power Minister, Germany’s Hypo Vereins Bank (HVB) announced on 2 August 2001 it is prepared to extend up to US$500M in long term credit for three to five Indian hydro projects.

Power Minister Suresh Prabhu took to the road from 18-21 May 2001 to drum up international investment for India’s hydro and fossil fuel power development programmes. Although HVB senior vice president for global trade, Gredpeter von Guretzky-Cornitz, declined to identify the bank’s target projects, one is likely to be the 600MW Sawalkot scheme in Jammu and Kashmir.

Feasibility studies for this run-of-river diversion project have been completed and government clearance has been obtained. The project is likely to cost US$678M.