Veer Energy & Infrastructure, an innovative energy & infrastructure company, announced that a wholly owned subsidiary, Shruti Power Projects has been sanctioned a loan of Rs 526.6 million by the Indian Renewable Energy Development Agency (IREDA), a Government of India enterprise.

This loan sanctioned for setting up a 12 MW wind farm, project size Rs 756 million at Vinjalpur Village, district Khambhalia, in the state of Gujarat. The said subsidiary has signed the loan agreement.

This is expected to generate additional revenue of Rs 120 million per annum by way of power generation. The company is also epected to take the benefit of generation based incentive (GBI) as per the policy declared by the central government. The company is expected to commission the project by Aug. 31, 2014.

Shares of the company gained Rs 0.94, or 15.33%, to trade at Rs 7.07. The total volume of shares traded was 775,922 at the BSE (11.54 a.m., Wednesday).