Bhilwara Green Energy Limited_49.5MW Windfarm

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In January 2011, the board of Bhilwara Green Energy Limited, a SPV of Bilwara Energy Limited (a Bhilwara Group subsidiary) took an investment decision to develop a 49.5MW wind farm located at Satara district, in the state of Maharashtra. The project was initially conceptualized as a 51MW wind power project, but due to limitation of step up power transformer capacity at the project substation, the investment board of Bhilwara Green decided to reduce the capacity to 49.5MW in October 2011. The wind farm would involve the building of 33 Vensys V77 wind turbines of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid through the North Eastern Western and North Eastern (NEWNE) grid. Bhilwara Green Energy Limited (Satara) would sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA.The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by Bhilwara Green to the state transmission utility.The total capacity of 49.5MW would be eligible for CDM benefits under UNFCC. The validation process had been completed for CDM benefits. 30MW (commissioned till March 2012) was eligible for availing Generation Based Incentives (GBI) provided by MNRE (Government of India) for machines commissioned till 31st March 2012 and Bhilwara Green had already registered for the same. In October 2011, contracts for supply, erection and O&M had been executed with ReGen PowerTech Private Limited for this project. The total project cost at the time of financial closure was US$ 59.6mn (INR 3183.53mn @ 53.44 INR/uSD).Details of financial closure couldn't be ascertained at the time of collection of this information. IREDA sanctioned part of the debt requirement in September 2011. IFC sanctioned a term loan of US$ 15mn in March 2012. For our records the financial closure date has been considered as March 2012. Construction for the wind farm started in October 2011 (EPC contract) and was expected to be completed by November 2012. 20WTGs (amounting to installed capacity of 4.50 MW) had been commissioned by March 2012 and another 3 WTGs amounting to installed capacity of 4.50 MW had been commissioned on 30th May 2012.