CLP (Jaisalmer) Windfarm 102.4MW

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In April 2012, CLP Group entered into an agreement with Rajasthan Government todevelop a 102.4MW wind farm located at Bhakrani in Jaisalmer district,in the state of Rajasthan.The project would be executed by CLP Wind Farms (India) Private Limited, the Group’s subsidiary in India. The wind farm will involve the building of 128 Enercon Gearless E53 wind turbines of 800KW capacity each. The electricity generated from the project would be evacuated by the Rajasthan state grid. CLP India has entered into agreements with major wind turbine manufacturer, Enercon India Ltd to develop (including operation and maintenance of) these greenfield projects. The Bhakrani Wind farm was expected to sell the power to Rajasthan State Electricity Distribution Company (RVVNL), through a 25-year PPA signed on 1st July 2012.The APPC (Average Power Purchase Cost) base tariff as per RERC prevailing tariff order for Jaisalmer district was US$ 0.083/Unit (INR 4.46 per unit @ 53.44INR/USD) for the entire 25 years. The total capacity of 102.4 MW was eligible under REC as per the CERC and CDM benefits. Financial closure took place on 15th October 2012.The total project cost at the time of financial closure was US$ 120mn (INR 6412.8mn @ 53.44 INR/USD).The debt equity ratio for the project was about 67/33. Financing comprised of a US$ 80mn (INR 4275.2mn) Dollar Term loan and sponsor equity of US$ 40mn (INR 2137.6mn).The 12.5-year U.S. dollar proceeds were swapped back to Indian rupees to mitigate foreign exchange risk.The foreign currency loan was arranged by HSBC and Standard Chartered Bank. Construction for the wind farm started in July 2012 and was expected to be fully commissioned by March 2013. 21.6MW had already been commissioned by December 2012.