Beta Infratech Private Limited

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Beta Infratech Private Limited (BIPL) was an Independent Power Project (IPP) located at Nandnagar Industrial Estate at village Mahuakheraganj, in Kashipur Tehsil, in Udhamsinghnagar District of Uttarakhand. Beta Infratech was a subsidiary of Soma Energy Private Limited (a Soma Group Company). This 358MW Combined Cycle gas based Power Project was being developed, in two phases - Phase-I of 225MW; Phase-II of 133MW. Phase-I consisting of 2units of gas turbines, 1unit of HRSG, and 1unit of steam turbine, was currently under implementation. 46 acres of land had been acquired. Permission for ground water (864m3/day) drawl from Central ground Water Authority had been obtained in November 2010. Environmental clearance from MoEF had been obtained in January 2011. Connectivity for the plant with 220/132 KV Mahua Khera Ganj substation had been approved by PGCIL in May 2011 and long term open access in January 2011. The total gas requirement was expected to be 0.72 MMSCMD at 60% PLF, 0.84 MMSCMD at 70% PLF, 0.9 MMSCMD at 85% PLF, and 1.08 MMSCMD at 90% PLF. The gas was expected to be sourced from GAIL, IOCL, and spot market (including R-LNG). Key Term Agreement with GAIL was signed on 6th May 2010, for supply of 0.3 MMSCMD of gas on Firm basis and 0.15 MMSCMD of gas on fall back basis. Gas Transmission Agreement (GTA) for 0.9 MMSCMD had been signed with GAIL on 19th October 2010. The Central Electricity Authority (CEA) had identified certain projects for allocation of Reliance KG-D6 gas. BIPL project was in the list of CEA as one of the project out of 9 projects claimed by various developers of the country to be commissioned in the 11th Plan.The proposal for allocation of the gas was expected to be considered in the cabinet. The power from the plant was expected to be sold entirely to Uttarakhand Power Corporation Limited (UPCL) through a 25 year PPA, at a rate approved by the Uttarakhand Electricity Regulatory Commission (UERC). Tariff would be determined on a two–part basis comprising Fixed Charge (Capacity Charge) and Variable Charges (Energy Charges) and shall be computed for each Tariff Period. The Tariff (Fixed Charge, Variable Charges) and Incentive shall be determined by the UERC. Under the terms of the PPA, the procurer (UPCL) was responsible for the provision of transmission infrastructure and the associated transmission and interface costs. EPC contract, had been awarded to Soma Enterprise Limited (the parent company) in December 2012. Gas Turbines and Steam Turbines would be procured from GE and HRSG units from Thermax Limited. The project cost for Phase-I (225MW) was estimated to be approximately USD 189.1mn (INR 8887mn @47 INR/USD). Financial close took place on 21st October 2011 at a Debt/Equity ratio of 76/24. BIPL financed this project through an equity contribution of USD 44.6mn (INR 2097mn), a 15-year term loan of USD 134mn (INR 6300mn), and a 18-year term loan of USD 10.4mn (INR 490mn). The 15-year term loan had a repayment schedule of 53 quarterly instalments and the 18-year term loan had a repayment schedule of 12 quarterly instalments. The participating banks were Punjab National Bank,Oriental Bank of Commerce, Bank of India, Vijaya Bank, State Bank of Patiala. The construction started in May 2011 and was expected to be progressively commissioned by March 2013.Commissioning schedules of all the units were: GT#1 (77.1 MW): December 2011; GT#2 (77.1 MW): February 2012; ST#3 (85.2 MW): March 2012; GT#4 (77.1 MW): December 2012; ST#5 (41.3 MW): March 2013.