Dahisar 20MW Solar Power Plant_PLG Power

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In May 2010, a consortium of PLG Power Limited and Zamil Industrial Investment Company (Saudi Arabia), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 20-mw photovoltaic solar power plant at Dahisar village in Patan district of Gujarat, under the Gujarat Solar Policy 2009. The proposed project would use thin film technology.The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation was planned through an 8 Km 66 KV line, which, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO). PLG had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL),which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2009, was US$ 0.32/Unit (INR 15 per unit @ 47INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @47 INR/USD) from 13th year to 25th year.The total capacity of 20 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by project developer in the first year after the date of commercial operation of the generating station/ transmission system; (b) 2nd year – share of beneficiaries (DISCOM-GUVNL) @ 10% to progressively increase by 10% every year up to 50% whereafter the proceeds would be shared in equal proportion, by PLG and GUVNL. Transmission and/or wheeling charges would be paid by PLG. Financial closure had taken place in 2010, but no information was available. Refinancing of existing debt took place in March 2014.The total project cost was US$ 74.4mn (INR 3400mn @45.7 INR/USD).The debt equity ratio for the project was 62/38. The financing comprised of sponsor equity of US$ 27.8mn (INR 1270mn) and term loan of US$ 46.6mn (INR 2130mn).The 12-year 2-months term loan was arranged by L&T Infrastructure Finance Ltd. The project was commissioned by March 2012.