Enercon Pithodai Wind Farm

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Enercon India Limited and Enercon GmbH, thorugh their 100% subsidiary Enercon Wind Farm (Hindustan) Private Limited (EWHPL),entered into an agreement with Rajasthan Government, to develop a 60MW wind power project at Kita and Pithodai Ki Dhani villages located in Jaisalmer District in the state of Rajasthan. The wind farm would involve the building of 75 Enecon-make wind turbines of 800kW capacity each. The farm was expected to have a load factor of 22%. The electricity generated from the project would be evacuated by the Rajasthan state grid which was part of the Northern National Grid. The EPC for the power plant had been awarded to Enercon India Limited (EIL).EIL would develop,construct,commission operate and maintain the project at an all-inclusive price. As per the agreement signed, EIL would acquire the entire land required for the project and transfer the development rights to the company prior to commencement of operations. EIL had received all the statutory and non-statutory clearances necessary for the project. The entire power generated from Wind Energy Converter (WEC) would be stepped up to 33 kV and then transmitted to the pooling substation through the 33kV internal grid and switchyards. At the pooling substation, which will be owned, operated and maintained by EIL for the entire site, power would be further stepped up to 132 kV and transmitted to Rajasthan Electricity Transmission Company Ltd. substation.Enercon Wind Farm (Hindustan) Limited had entered into O&M agreement with EIL,wherein EIL would be responsible for operating and maintaining WECs and the internal grid for a period of ten years from the Commercial Operation Date of the project. Enercon Wind Farm (Hindustan) Private Limited (EWHPL) had entered into a 25-year Power Purchase Agreement with the state utilities - Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPN)/Jaipur Vidyut Vitaran Nigam Limited (Jaipur DISCOM) for 28.8MW, Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPN)/Ajmer Vidyut Vitaran Nigam Limited (Ajmer DISCOM) for 31.2MW which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per RERC (Rajasthan State Regulator) tariff order of 3 June 2011, was US$ 0.089/Unit (INR 4.22 per unit @ 47INR/USD). The total capacity of 60 MW was eligible for CDM benefits. UNFCC had started the validation project for Certified Emission Reductions (CERs) in early 2010. Financial closure took place on 27th July 2011.The total project cost was US$ 21.9mn (INR 1030 mn @47 INR/USD).The debt equity ratio for the project was 63/37. Financing comprised of Debt of US$ 13.8mn (INR 650mn @ 47INR/USD) and sponsor equity of US$ 8.1mn (INR 380mn @ 47INR/USD). Debt comprised of 11year Term loan from IDFC. The term loan had a grace period of 1 year and a repayment schedule of 40 quarterly instalments. IDFC Was the mandated lead arranger. Construction for the wind farm was expected to start in April 2011 and commercial operation was expected to start in September 2011.