Green Infra (Theni) Wind Energy Limited 25.5MW

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Green Infra Limited (an IDFC Private Equity Company) entered into an agreement with Maharashtra Government to develop a 25.5MW wind farm located at Rasingapuram,Theni district, in the state of Tamilnadu. Green Infra Wind Energy Limited (GIWEL), an SPV, would execute the project. The wind farm will involve the building of 17 Regen Vensys V82 make wind turbines of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Tamilnadu state grid. The delivery of the power plant would be done by ReGen Powertech. Power evacuation would be done by 43 km 220 kV transmission line and the 200 MVA substation. Green Infra Wind Energy Limited (Theni) would sell the power to Tamilnadu State Electricity Distribution Company Ltd (TNEDCL) through a PPA. APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per TNRC (Tamil Nadu State Regulator) tariff order, was US$ 0.066/Unit (INR 3.51 per unit @ 53.44INR/USD). 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 ReGen Powertech for this project. Financial closure took place in October 2012.The total project cost at the time of financial closure was US$ 28.7mn (INR 1537mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 64/36. Financing comprised of a 14-year term loan of USD 18.3mn (INR 980mn) and sponsor equity of US$ 10.4mn (INR 557mn). The term loan had a repayment schedule of 52 quarterly instalments. The term loan was arranged by IDFC and other participating banks were State Bank of Mysore and United Bank of India. Construction for the wind farm started in October 2011 and was expected to be completed by December 2012.