Indowind Energy Ltd. announced that at the board meeting held on May 15, 2012, the board members discussed and reviewed the FCCB issue and the on going 28 MW project. The Board has decided to explore the possibilities for raising additional USD 30 million through ECB to meet the gap in funding 28 MW project which would be about USD 10 million and the balance USD 20 million for clearing the existing long term loans and FCCB obligations as per the restructured terms. The 28 MW project would be implemented in phases, based on the disbursement from Exim Bank and the success of the fund rising through ECB.