INTERVIEW - Indowind sees FY10 revenue up 70 pct

MUMBAI (Reuters) - Windfarm operator Indowind Energy sees revenue growth of 70 percent in FY10 and hopes to win more turn-key wind farm projects after the federal government's push to the sector, a senior official said.

"We expect more IPPs (independent power producers ) to get into wind power generation," director K.S. Ravindranath told Reuters from the southern Indian city of Madurai over the telephone on Friday.

The government's generation-based incentives scheme announced on Thursday will boost growth in the wind generation sector and more players will be attracted to this clean source of energy, he said.

"We expect about 70 percent growth in revenue this fiscal."

Indowind Energy saw a 107 percent growth in revenue to 528.9 million rupees in the fiscal year ending June 2009, while net profit jumped 63 percent to 117.72 million rupees.

The firm, which currently operates 70 MW of wind power capacity, is planning to boost it further this fiscal by acquiring wind farm assets.

"We are planning to acquire existing wind farms with up to 50 MW total capacity."

Indowind, in which India's largest private sector lender ICICI Bank held 10.75 percent stake at end-September, has tied up a 500-million-rupee loan from Bank of India for part-financing these acquisitions.

The company, which also trades in carbon credits, has 12.3 MW approved carbon credits under the Clean Development Mechanism of United Nations Framework Convention on Climate Change, he said.

Further, 18 MW carbon credits are under awaiting approval, he added.

Shares in the firm pared early gains of up to 14.31 percent and provisionally ended up 5.5 percent at 56.00 rupees, in a weak Mumbai market.

(Editing by Sunil Nair)