Greenko Patan Taluka Wind Farm

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In June 2010, Greenko Group entered into an agreement with Maharashtra Government to develop a 65.6MW wind farm located at Patan Taluka of Satara district, in the state of Maharashtra. The project would be executed by Ratnagiri Wind Power Projects Private Limited, the Group’s subsidiary in India. The wind farm will involve the building of 41 WTGs (wind turbine generators) of 1600KW capacity each. The WTGs would be supplied by GE Energy India Limited. The farm was expected to have a load factor of 20.1%. The power generated by the project activity will be exported to NEWNE grid (220 KV substation will be connected to 400/220 KV RS station at Karad at approximately 12 kms away). The gross power generation from the project activity had been estimated to be 115,506 MWh annually. The Ratnagiri Wind farm was expected to sell the power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL), although the details of PPA couldnot be confirmed at the time of collection of this information. The APPC (Average Power Purchase Cost) tariff as per MERC tariff order (dated 14 July 2010 for Wind zone 1) was US$ 0.108/Unit (INR 5.07 per unit @ 47INR/USD) for the first 13 years of operation. The total capacity of 65.6 MW was eligible for GBI (Generation Based Incentive) benefits and UNFCC had started the validation project for Certified Emission Reductions (CERs) since October 2010. The EPC contract was awarded in July 2010 and WTG supply contract awarded to GE in August 2010. Financial closure took place in July 2011.The total project cost was US$ 91.5mn (INR 4300mn @47 INR/USD).The debt equity ratio for the project was about 70/30. Financing comprised of a US$ 63.8mn (INR 3000mn) Term loan of 14years 1month and sponsor equity of US$ 27.6mn (INR 1300mn). The term loan was fully provided by IDFC and State Bank of India. Construction for the wind farm started in July 2010 and was expected to be commissioned by December 2011.