Australian wind energy resource assessment consulting firm Windlab Systems today said it had eneterd into a  year-long strategic funding deal with private sector Yes Bank to provide financial advisory services for its Indian projects.

Yes Bank group president corporate finance and development banking, Somak Ghosh said Yes Bank will act as a strategic and financial advisor to Windlab and would identify prospective joint venture partners for the company to operate in domestic wind-energy market.  It will help in debt financing, private equity participation.

According to the agreement, the bank would facilitate Windlab System's business interests in India through debt financing, private equity participation, and forging the company's associations with local partners to build a portfolio of wind projects in the country.

The initiative was announced by Windlab's CEO, Mark Sinclair, at the opening of Windlab's new office by Senator Kim Carr, Australian minister for innovation, industry, science and research.

''Windlab Systems has experienced unprecedented growth over the past 12 months since the commencement of its international expansion," said Sinclair. "With the support of Australian venture capital funding, Windlab has grown rapidly, amassing a world class portfolio of wind energy projects under active development, totalling more than 5,000MW of capacity across five countries, nearly 10 times all of Australia's current operating capacity.

''We are very pleased to announce today the next step in our global expansion - the formation of a strategic relationship with Yes Bank in India. As one of India's fastest growing banks with a real focus on the renewable energy sector, Yes Bank is ideally positioned to help the deployment of the technology in the fast growing Indian market.''
Yes Bank is an exclusive strategic and financial advisor to Windlab for its India business thereby identifying and finalising potential joint ventures partners in India for deploying Windlab's technology in the country.

Vivek Mehra, Yes Bank executive vice president and country head, sustainable investment banking, said ''With Windlab's track record in delivering projects in key global markets, and Yes Bank's understanding of the wind market in India, there are some very exciting prospects for the roll out of the business in India.''

Windlab co founder Nathan Steggel, who looks after the company's expansion in Asia in his capcity as general manager, Asia region, the implementation of the current government policies will see the installation of at least 30 GigaWatts of new wind plants by 2022 with a required investment exceeding $50 billion.

"The market in India is one of the most dynamic and exciting wind markets in the world," says Steggel. "Our technology has a strong advantage in this market and provides ourselves and our partners with a great opportunity to build a portfolio of premium wind projects in India".

A successful spin-out from Australia's from Australia's Commonwealth Scientific and Industrial Research Organisation, the country's national science agency and one of the largest and most diverse research agencies in the world, Windlab, is active across four continents, and has partnerships with strong global infrastructure organisations.

''We will continue to develop prospects in targeted global markets, such as India, where the opportunities for growth and value creation are highest'' said Sinclair.

Windlab Systems is a world-leader in the development and application of atmospheric modelling systems used globally to locate wind energy sites rapidly and cost-effectively. Windlab has also developed advanced wind modelling tools, which combined with its modelling suite, dramatically reduces risk by enabling a detailed understanding of the wind resource very early in the development cycle of a project.

Yes Bank has entered into a year-long  agreement with Australian wind energy resource assessment consulting firm Windlab Systems to provide strategic and financial advisory services in the domestic renewable energy sector.

Yes Bank was founded by  Rana Kapoor in 2004