BLP Vayu (Project1) Private Limited

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In July 2013, BLP Vayu (Project1) Private Limited (incorporated on Februaruy 26, 2013), through its promoter BLP Energy Private Limited (BLP Energy- a subsidiary of Bharat Light & Power Private Limited), acquired operational wind farm assets with 150MW capacity situated in the Kutch district of Gujarat from DLF Limited.These assets became operational in April 2008 and had a track record of over 6-years.These assets (100 Suzlon Turbines of 1.5MW each) have reported an average gross plant load factor (PLF) of around 23 per cent over the past six years. The power generated from these assets is entirely contracted to Gujarat Urja Vikas Nigam Limited (GUVNL- state Discom) through a PPA at a predetermined fixed price, which eliminates any off-take risks. BLP Vayu funded the acquisition of these wind farm assets in a debt-to-equity ratio of over 5 times. Out of the acquisition cost of INR 5280mn, the bank debt would be INR 3470mn and the total promoter contribution of INR 1810mn, of which the equity contribution was at INR 660mn and the INR 1150mn of interest-free loans. The INR 1150mn interest-free loans will be subordinated to the senior debt of INR 3470mn.