GMR Chhattisgarh Energy Private limited (GCEPL)

Active

Prospective

GMR Chhattisgarh Energy Private limited (GCEPL), a subsidiary of GMR Energy, was created to implement 1,370 MW (2 X 685 MW) coal based supercritical power in Raikheda village, Tilda Taluka, Raipur District, Chhattisgarh, India. To develop the project, GMR Energy signed a Project Implementation Agreement with the Government of Chhattisgarh for implementation, operation and maintenance of a 1370 MW Coal based, thermal Power Plant in the state of Chhattisgarh. The MOU was signed in 2007. GCEPL was to sell the electricity output to the regulated market (35%) via a PPA contract with Chhattisgarh State Electricity Board (CSEB), through long term power purchase agreements (35%), and merchant market (30%). The project cost was estimated at Rs82.9 billion (US$1,812.8 million). Financial close was achieved in December 2010 with a debt equity ratio of 75/25, according to company press release. Projectware reported the financial closure of the project in August 2010. Financing comprises a Rs62.17bn 14-year 9months term loan facility and Rs20.73bn equity. In 2013, GMR arranged for additional funding through external commercial borrowing. IIFCL provided two tranches of US$50mn (in June 2013) and US$ 51mn (in November 2013).Both loans had a tenure of 19 years. Construction of the project was delayed due to land acquisition issues. The contract was to be developed on a 40 year Build Own and Operate basis with the concession years starting to count from plant commission date. Expected commissioned date was March 2014.

Energy

World Bank Group

Project

Commercial, Power Generation (CCGT), Geothermal, Manufacturing (Industrial), Government