Green Infra Wind 218.4 MW Portfolio

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The project involves construction, development and operation of 5 wind power plants with 218.4 MW capacity by Green Infra Corporate Solar Limited ('Project Company'). Of the 5 power plants, 2 power plants with capacity totaling 92.4 MW would be built in the state of Rajasthan( Dangri & Rajgarh), 1 power plant with a capacity of 24 MW in the state of Maharashtra(Parner), 1 power plant with a capacity of 38 MW in the state of Madhya Pradesh(Nipanya) and 64MW power plant in the state of Gujarat(Rojmal). The project company is a 100% subsidiary of Green Infra Wind Energy Limited. The contract award method for the project is licence scheme. It is a greenfield project being built under BOO type of PPI. The off-takers for the plants will be the respective state distribution companies where the plants will be located, and the project company has already finalized PPAs with all of them. The Project is eligible for Generation Based Incentive (GBI) and will get the maximum GBI allowed under the scheme by Ministry of New and Renewable Energy-which is INR 1 million per MW in the first 10 years of operation. The company has signed EPC and O&M agreements for Dangri and Nipanya plants with Inox Wind Limited, Inox Wind Infrastructure Services Limited and Inox Renewables Limited. For Parner, the company has signed an EPC agreement with Kenersys India Private Limited and Acorn Properties Private Limited, while for the Rajgarh plant it has signed an EPC agreement with Wind World India Limited and Wind World Wind Resources Development Private Limited. The Rojmal project will be developed, operated and maintained (O&M) by IWL under an O&M contract with GICSL. The total cost of the project is US $220 million to be funded in debt to equity ratio of 75:25. The equity contribution of the sponsor is USD $ 55 million. The total debt amount is USD $165 million, of which USD $55 million will be contributed by IFC and the remaining USD $110 million will be contributed by YES Bank. Source: i) Pratibha Bajaj from IFC India who is the IO for this investment. ii) http://ifcextapps.ifc.org/ifcext/spiwebsite1.nsf/651aeb16abd09c1f8525797d006976ba/e407b134dddab30885257d6900746b4f?opendocument