Bhagwanpur & Bindookhadar & Haridwar Solar Projects

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The project entails the construction and operation of three solar plants with total capacity of 30 MW. The three plant are Bhagwanpur (5 MW) & Bindookhadar (5 MW) & Haridwar (20 MW), collectively called UTT-2. Three different SPV were established to implement the projects - Bhagwanpur Solar Projects Pvt Ltd, Bindookhadar Solar Projects Pvt Ltd and Haridwar Solar Projects Pvt Ltd. This is a new, greenfield project initiated under a BOO modality. The concession contract was awarded following a competitive bidding process based on lowest tariff per unit. The output of the plants will be sold to Uttarakhand Power Corporation Limited (UPCL) signed on March 30, 2016, for supply of power for duration of 25 years at an average tariff of Rs.5.70/kWh. The projects were originally awarded to the Rays Power group and subsequently EREN India and EDF India bought 24.5% equity stake each from Rays Power/Profigate. The balance 51% will be purchased after one year post COD based on the restriction as per the PPA. The project cost is envisaged at Rs.187.5 crore ($28.7 million) and is funded in a debt-equity ratio of 3:1, through term debt of Rs.140.6 crore ($21.5 million) and promoters’ contribution of Rs.46.89 crore($7.16). All the 3 SPVs have commissioned between March 22, 2017, and March 24, 2017, prior to the SCOD of March 31, 2017, and have received the COD certificate. Commissioning date used as financial closure. Factiva The projects were originally awarded to the Rays Power group (in BSPPL and BDSPPL through Profigate Infra Gasoline and in HSPPL through Rays Power Infra Pvt Ltd) and subsequently EREN India and EDF India bought 24.5% equity stake each from Rays Power/Profigate. The balance 51% will be purchased after one year post COD based on the restriction as per the PPA.