Bajaj Energy Private Ltd

active

Bajaj Energy Private Ltd, Formerly known as Bajaj Eco-Chem Products Pvt. Ltd, was created to implement a project to build and operate 450 MW (5X90 MW) coal power project in thermal power plants at five locations on the unused land available in the vicinity of the sugar mills of the Company at Khamberkhera, Barkhera, Maqsoodapur, Kundarkhi and Utraula all located in the State of Uttar Pradesh, India. The initial capacity of each of the 5 plants was to be 80MW and then expanded to 90 MW. Bajaj Hindusthan Ltd, the sponsor a subsidiary of Bajaj Group, had a 25 year Power Purchase Agreement with Uttar Pradesh Power Corporation Limited (UPPCL) for off take of the electricity. BEPL awarded the EPC contract to Bajaj Infrastructure Development Company (BIDCO). The coal for the project was to be obtained from Coal India Limited. Project cost was estimated to be Rs23.2 billion (US$507.3 million). Financial close was 25 Aug 2010 with a debt equity ratio of 75/25. Financing comprised of Rs17.4bn 12-year term loan and Rs5.8bn equity. The debt was arranged by SBICAP. The commercial operation of power plants at these five locations was expected late 2010/early 2011. The five new coal based plants under Bajaj Energy were commissioned early 2012 at Barkhera (Pilibhit), Maqsoodapur (Shahjahanpur), Khambarkhera (Lakhimpur), Kundarkhi (Gonda), Utraula (Balrampur)