Ajanta Pharama Surendranagar Solar Plant

active

In August 2009, Louroux Bio Energies Limited (a subsidiary of Ajanta Pharama Company Limited),signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-mw photovoltaic solar project at Surendranagar in Rajkot district of Gujarat, under the Gujarat Solar Policy 2009. The project activity would consist of amorphous Silicon thin film modules of 100/95 Wp capacity installed in series and parallel combination. Louroux had already acquired 200 acres of land for the project. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Louroux had awarded the EPC to Martifer Solar, a subsidiary of Martifer SGPS of Portugal,in June 2011. Louroux had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, for projects commissioned before March 2014,was US$ 0.27/Unit (INR 12 per unit @ 45INR/USD) for the first 12 years, and US$ 0.07/Unit (INR 3 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 25MW was eligible for carbon credits. Further, any subsidy from any other sourceshall be reduced from the above mentioned rate for purchase of power. Louroux would pass on 50% of the gross benefits of CDM to the distribution licensee (GUVNL). Transmission and/or wheeling charges would be paid by APL. Financial closure took place in April 2011.The total project cost was US$ 31.3mn (INR 1410 mn @45 INR/USD).The debt equity ratio for the project was 80/20. Financing comprised of a 10 year term loan of US$ 25.1mn (INR 1128mn @ 45INR/USD) and sponsor equity of US$ 6.3mn (INR 282mn @ 45INR/USD).The Central Bank of India was the sole arranger of the term loan. The term loan had a repayment schedule of 108 monthly installments. Construction for the wind farm was expected to start in March 2011 and commercial operation was expected to start in December 2011.It was finally commissioned on 28th January 2012. Commissioning in January 2012. Changed status to operational.