Green Infra (Satara) Wind Energy Limited 18MW

Active

Prospective

Green Infra Limited (an IDFC Private Equity Company) entered into an agreement with Maharashtra Government to develop a 18MW wind farm located at Satara district, in the state of Maharashtra. Green Infra Wind Energy Limited (GIWEL), an SPV, would execute the project. The wind farm will involve the building of 12 Suzlon S82 make wind turbines of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid. The delivery of the power plant would be done by Suzlon Limited. Power evacuation would be done by 43 km 220 kV transmission line and the 200 MVA substation, which are a part of the project. Green Infra Wind Energy Limited (Satara) would sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a 13-year PPA.The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by Green Infra to the state transmission utility.The total capacity of 18MW was eligible under REC as per the CERC and CDM benefits under UNFCC. Contracts for supply, erection and O&M had been executed with Suzlon for this project. Financial closure took place in January 2012.The total project cost at the time of financial closure was US$ 21.4mn (INR 1146mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 72/28. Financing comprised of a 15-year term loan of USD 15.5mn (INR 830mn) and sponsor equity of US$ 5.9mn (INR 316mn). The term loan had a repayment schedule of 52 quarterly instalments. The term loan was arranged by IDFC. Construction for the wind farm started in October 2011 and was expected to be completed by December 2012.

Energy

World Bank Group

Project

Wind, Raw Materials, Power Generation (CCGT), Government, Commercial