Green Infra Wind

completed

The project involves a multi-level engagement and partnership with Green Infra Limited (“GIL”, the Sponsor). GIL, an existing client, was founded by IDFC Private Equity (“IDFC PE”) to develop, operate and construct renewable generation assets in India. GIL is one of the largest independent renewable energy players in India with an installed capacity base of 450MW across five states of India (Maharashtra, Karnataka, Tamil Nadu, Rajasthan, and Gujarat). GIL has a professional management team led by Mr. Shivanand Nimbargi (CEO and MD).IFC is considering providing an overall envelope for debt funding in the amount of US$59 million, to be used over the next one year for various projects that GIL is developing. The first tranche of this financing is expected to be provided to Green Infra Corporate Solar Limited (“GICSL”, or the company), a wholly owned subsidiary of GIL. The company will develop five wind power plants (namely Dangri and Rajgarh in Rajasthan state, Nipanya in Madhya Pradesh state, Parner in Maharashtra state and Rojmal in Gujrat state) in India, with a total capacity of 246.4MW. The off-takers for the plants will be the respective state distribution companies where the plants will be located. 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 (also an IFC client, project # 31834, ESRS disclosed April 24, 2012). For Parner, the company has signed an EPC agreement 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. O&M agreements for the Parner and Rajgarh sites are currently being finalized. The proposed Rojmal project will be developed, operated and maintained (O&M) by IWL under an O&M contract with GICSL.The specific details for each project are as under:70 MW Dangri project in Jaisalmer district, Rajasthan: This project will require the lease of 25 hectares (“ha”) of revenue land and the purchase of 10 ha of private land spread across Rajgarh, Bonada, Sabalpura, Khelana, Dangri and Laxmansar villages in Jaisalmer district. Each turbine and associated transformer in Dangri will require approximately 1 ha of land. The project area is characterized by the presence of sand dunes with flat to undulating terrain. Most of the revenue and private land required for the project can be classified as barren land with patches of cultivated land. The privately owned land is used mainly for agricultural purposes (rain fed/ single crop). The nearest residence is 137 m from the proposed location of wind turbine# DANT-373. The distance of nearest residence ranges from 137 m to 750 meters. The project area currently has an operating wind farm with a capacity of 264 MW, also developed by Inox. 50.4 MW Rajgarh project in Jaisalmer district, Rajasthan: This project involves the lease of 63 ha of revenue land spread across Chhodiya, Devikot, Bhopa, Lala, Sauwta, Meharagot, Naya Achla and Achla villages. Each turbine and associated transformer in Dangri will require approximately 1 ha of land. Most of the land proposed to be used is barren wasteland, with sporadic patches of land used for grazing with some scattered, scanty vegetative cover. There is an existing wind farm near the project site with 1125 MW capacity.24 MW Parner project in Ahmednagar district, Maharashtra: This project involves the purchase of approximately 19 ha of private land spread across Darodi, Randhe and Pimpalgaon Rotha villages. The site is located at plateaus comprising predominantly fallow land. A few patches are being used for cultivation during rainy season, however, the cultivation of the land is not considered very remunerative. There is no habitation within 500 meters of any wind turbine location. There are no existing wind turbines in the immediate vicinity of the project site. 38 MW project at Nipanya, Mandsaur district, Madhya Pradesh: This project involves the lease of around 19 ha of revenue land and purchase of around 4 ha of private land in Barkheda Nayak, Pichhala, Asawati and Tarawali villages in Mandsaur district. The project area is rural with simple to complex terrain and small mountain ridges. It consists primarily of dry waste land which is used by local residents for grazing livestock. There is no existing wind farm in the vicinity of the project area. At the 4 locations mentioned above, additional land (both revenue and private) will be required for access roads, transmission lines and construction facilities. All land for the 4 projects is spread over non-contiguous land parcels in rural areas. Wherever private land is being purchased, it is being done so on a willing-buyer and willing-seller basis.64 MW Rojmal project consisting of Thirty Two (32) Wind Turbine Generators (WTGs) spread over Babra Talukas in Amreli District; Gadhada Taluka, Bhavnagar District and Jasdan Taluka, Rajkot District of Gujarat. The proposed site is being developed by Inox Wind Limited (IWL) on a turnkey basis, which involves acquiring and securing land, necessary consents and approvals, material, construction and commissioning. Revenue land is still to be procured by IWL for which negotiation are underway with the District Collectors of Amreli, Bhavnagar, Batod and Rajkot Districts, Gujarat on long term lease for the Wind Power Project.