Green Infra Wind Energy Limited

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Green Infra Wind Energy Limited (GIWEL), a Special Purpose Vehicle promoted by Green Infra Limited (a IDFC Group Company) entered into an agreement with Maharashtra Government to develop a 49MW wind farm located at Bhud village in Sangli district of Maharashtra. The project scope was revised to 43.5MW subsequently. The wind farm would involve the building of 29 Vensys V82 turbine units of 1.5MW capacity each. The electricity generated from the project would be evacuated by the Maharashtra state grid. GIWEL had entered into agreements with ReGen Powertech Limited to develop (including operation and maintenance of) this greenfield project. The Bhud Wind farm was expected to sell the power to State distribution company through a 25-year PPA. GIWEL had already signed PPA for 43.5MW at an preferential of INR 5.81 per unit for 13.0 years with MSEDCL (Maharashtra State Electricity Distribution Company Limited). The total capacity of 43.5 MW was eligible under REC as per the CERC and CDM benefits. Financial closure took place on 24th March 2014.The total project cost at the time of financial closure was US$ 53.6mn (INR 3267mn @61 INR/USD).The debt equity ratio for the project was about 75/25. Financing comprised of a term loan of US$ 40.2mn (INR 2450mn) and sponsor equity of US$ 13.4mn (INR 817mn). The term loan had a repayment schedule of 49 quarterly installments. The term loan was arranged by IDFC. The participating FIs were Indian Renewable Energy Development Agency (INR750mn), Axis Bank (550mn), Tata Capital (400mn). The 43.5 Windfarm was commissioned in phases in March 2014.