Adani Green Tamil Nadu 216MW Solar Project

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The project entails the development of a 216 MW solar photo voltaic plant based near Kamuthi village in district Ramanathapuram, in the State of Tamil Nadu. Project is implemented by Adani Green Energy (Tamil Nadu) Pvt Ltd. (SPV) on behalf of the sponsor. This 2016 MW facility is part of the 648 MW solar photo voltaic solar complex, which has an estimated cost of approximately $678 million.The financing of the complex involves 27 per cent equity contributions and 73 per cent debt financing. Sponsors are Adani Enterprises, Adani Properties and Adani Green Energy - all Adani Group companies. This project is part of the Adani Group's agreement with the Tamil Nadu Government to set up a 648 MW solar power park in the state with total estimated investment of $678 million (INR 45 billion). The company is expected to promote the park under different entities. One of the other power units of 72 MW is already operational. As part of the agreement, the state government would buy the entire 648 MW solar power to be produced by the company at a price of INR 7.01, a unit fixed by TN Electricity Regulatory Commission (TNERC) in September 2014. The agreement with Adani group is for 25 years. The agreements are part of the state government’s solar policy, unveiled in 2012 and all projects awarded under this were competitively tendered. The project cost for the 216 MW facility is calculated to be 223.78 billion, on a pro-rata basis the cost of construction of the 648 MW solar park. Financing for the 216 MW unit comprises a $28.2 million (INR 1.9 billion) 20-year-3-month term loan provided by SBI, a $10.4 million (INR 750 million) term loan provided by Union Bank of India along with equity contribution, which on a pro rata basis amounts to $61.7 million. Financial close occurred on 11 February and 7 March 2016. http://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/solar-power-adani-group-starts-transmitting-to-grid/article8316321.ece http://www.saurenergy.com/news/massive-solar-power-plant-adani-starts-power-transmission http://indianexpress.com/article/business/business-others/adani-to-set-up-650-mw-solar-power-plant-in-tamil-nadu/ http://mnre.gov.in/file-manager/UserFiles/guidelines_sbd_tariff_gridconnected_res/Tamilnadu%20Solar%20Energy%20Policy%202012.pdf