Green Ventures Likhu IV HPP

active

Green Ventures Pvt. Ltd., from Mumbai India, a subsidiary of Bhilwara Energy Limited (LNJ Bhilwara Group) from India and Triveni Energy Pvt. Ltd. from Nepal, were planning the development of the 120MW Green Ventures Likhu Hydropower Plant, on the Likhu River, Nepal. Green Ventures was a carbon credit firm from Mumbai, but branched into hydropower. The project was to exist of 3 turbines of 40MW. The project was part of a group of hydropower projects under development by Green Ventures, holding up to 2GW in permits and planning to develop up to 1GW before 2016. Construction for the project already started before March 2011. 12% of the output was to be supplied to the Nepali grid. Nepal was also to receive royalties from the electricity sale as well as for the generation capacity (capacity payments). The contract was on a BOOT basis. The EPC contract was tendered, and the bid documents were open for review between September 2011 and October 2011. The project was to receive $0.05995 per kWh. As per the PPA, the prices of power of both projects can increase up to 15 times by the rate of 3% in a single time in every fiscal year. The project reached financial close on January 9th 2012. Total project cost was INR 10.2 billion ($192 million). The debt had a tenor of 14 years, at the size of INR 6.6 billion ($127 million). The equity portion was INR 3.5 billion (US$65 million). The D/E was 64/36. IDBI Bank lead the deal. Oriental Bank of Commerce (1,720m), Export-Import Bank of India (1,400), PTC India Financials Services (860m), Punjab & SindhBank (860m) and Everest Bank Ltd (50m) were the lenders to the deal. Total project cost was estimated at Rs 15 billion ($262.9 million), which seems more reasonable than the reported FC for January 2012, and is thus reported. Source: ADP Renewable Energy Track: Green Ventures Primes 1GW of Hydro Power in Nepal (8 March 2011). http://www.bhilwaraenergy.com/tenders/4553_001.pdf