Gupta Energy Private Limited_Chandrapur Power Project

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In April 2005, the Maharashtra Government, issued letter of support with Gupta Energy Private Limited (GEPL), a Gupta Global Resources Private Limited subsidiary, for development of 660 MW coal fired thermal power plants. The Phase-I consisted 120 MW (2 x 60 MW) & Phase-II consists of 540 MW (2 x 270 MW), at Ghugus Taluka in Chandrapur district. The project was based on sub critical technology. The primary fuel for the project was washery rejects and residual requirement would be met by raw coal. At 120 MW, the plant would have the highest capacity for any, using coal washery rejects as the fuel in the entire country. The power generated from the project of 120 MW was primarily expected to be sold through a mix of long term power purchase agreements (PPA) and short term sales (merchant). The company had entered into a power purchase agreement (PPA) with Tata Power Trading Company and the tariff would range between US$ 0.048 to 0.066 (INR 2.60 and INR 3.55 per unit), depending upon the demand. Maytas Infra Limited was the EPC contractor for the project.The plant would use Circulating Fluidized Bed Combustion (CFBC) technology, with the boilers being acquired from Germany and the turbines from China. The earlier details of the project financing were not known. However the details of refinancing were available. The project attained financial closure (for refinancing) on 28th March 2014 at a debt/equity ratio of 70/30. The estimated cost of the Project (120MW) at the time of financial closure was US$ 95.9mn (INR 5849.2 @61 INR/USD). Financing comprised a 12-year term loan of US$ 95.9mn (INR 5849.2mn). Details of sponsor equity were not known. Axis Bank underwrote the entire debt. The participating banks were Axis Bank, L&T, Bank of India, Corporation Bank, State Bank of Mysore and SBI. The EPC contract for the project was awarded in May 2008 and the project was to be completed within 20 months. The first Unit of 2 x 60 MW Thermal Power Plant had achieved COD in May 2012 and Second Unit in September 2012. Equity amount was not known at the time of collection of this information.