Clean Wind Power (Devgarh) Private Limited

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Clean Wind Power (Devgarh) Private Limited (CWPPL), a Special Purpose Vehicle promoted by Hero Future Energies Private Limited (HFEPL, a Hero Group company) entered into an agreement with Rajasthan Government to develop a 37.5 MW wind farm located at Pratapgarh district of Rajasthan. The project was intended to be implemented as 51 MW (34 turbines of 1.5 MW) wind power project. However, Hero had decided to short close the project to the capacity of 37.5 MW at the same location. The wind farm would involve the building of 25 Units of ReGen V-87 wind turbines (1.5MW capacity each). The electricity generated from the project would be evacuated by the Rajasthan state grid. CWPPL had entered into agreements with ReGen Powertech Limited to develop (including operation and maintenance of) this greenfield project. The Devgarh Wind farm was expected to sell the power to State distribution company through a 25-year PPA. The APPC (Average Power Purchase Cost) base tariff as per RERC prevailing tariff order for Jaisalmer district was US$ 0.087/kWh (INR 5.12 per unit @58.6 INR/USD) for the entire 25 years. The total capacity of 37.5 MW was eligible under REC as per the CERC and CDM benefits. Financial closure took place on 13th November 2014.The total project cost at the time of financial closure was US$ 20.6mn (INR 1257mn @61 INR/USD).The debt equity ratio for the project was about 60/40. Financing comprised of a 15-year term loan of US$ 12.3mn (INR 750mn) and sponsor equity of US$ 8.3mn (INR 507mn). The term loan was provided by IndusInd Bank Limited. The capital cost of INR33.5mn/MW is very much on the lower side for a 37.5MW. Again the date of financial closure doesn't seem consistent with commissioning date of March 2013. But further information on capital cost couldnot be ascertained at the time of collection of this information. We have assumed March 2013 as date of financial closure. The project was commissioned in March 2013.