Betul Wind Farms Limited

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In May 2009, United Telecoms Limited (UTL),signed an MoU with Madhya Pradesh Government for setting up a 49.5-MW wind project at Kukru village, Betul District in the state of Madhya Pradesh, under the MP Solar Policy 2010. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. The project has deployed 33 Regen wind electric generators of 1500kW each. Power evacuation was planned through a 66KV line to substation, which, as per the state policy, was the responsibility of M.P.Power Management Company Limited. ReGen Powertech would execute the EPC and O&M of the project. United Telecoms Limited (100%) established Betul Wind Farms Limited (BWFL), special purpose vehicle, to execute the project. In March 2014, Atria Group acquired 50% of equity stake from UTL. BWFL had signed a PPA with the state utility MP Power Management Company Limited (MPPCL) on 22.07.2011 for sale of power generated by 30 MW (20 X 1500 kW) WEGs. BWFL had signed second PPA with BPPCL on 8.11.2012 for sale of entire energy generated by additional 19.5 MW (13 X 1500 kW) WEGs (over and above 30 MW). On 26.03.2013, the Commission had issued revised tariff order which was applicable to all new WEGs power projects commissioned on or after 01.04.2013 during the control period 01.04.2013 to 31.03.2016 for sale of electricity to distribution licensees within the state of Madhya Pradesh. The tariff at US$ 0.097/Unit (INR 5.92 per unit @61 INR/USD) would remain valid for the project life of 25 years. The project attained financial closure on 19th March 2014 with a debt equity ratio 70/30. The estimated project cost at the time of financial closure was US$ 56.4mn (INR 3441.1mn @61 INR/USD). Financing comprised of Debt of US$ 39.5mn (INR 2408.8mn) and sponsor equity of US$ 16.9mn (INR 1032.3mn). Lenders were State Bank of India (1000mn, India Infrastructure Finance Company Limited (600mn), and PTC India Financial Services (808.8mn). The plant was expected to be commissioned in December 2014.