Ind-Barath Energies Thoothukudi Limited (IBETL)

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Ind-Barath Energies Thoothukudi Limited (IBETL) developed a 20.0 MW biomass coal based power plant at Thoothukudi, Tamil Nadu. IBETL was owned by Ind-Barath Power Infra Private Ltd. (72.3%). The power plant was commissioned in June 2006. Power was sold to PTC India on merchant basis. Pursuant to an agreement dated April 9, 2009, as amended on October 22, 2009, IBETL sells 15.0 MW of power per month to PTC India at an average tariff rate of Rs. 5.90 per kWh. The agreement is valid until March 31, 2014, however the tariff is valid until May 31, 2010, after which it is subject to renegotiation. The project was registered under the United Nations Framework Convention on Climate Change (“UNFCCC”) and hence is eligible for generating and selling CERs under the Kyoto Protocol’s Clean Development Mechanism (“CDM”) project. The project cost was estimated to be Rs 660 million (US$15 million). Financial closure was achieved in 2005. The IBETL Power Project was funded through a combination of equity contributions from our Company and other investors, and secured and unsecured debt. As of March 31, 2010, the total equity investment in IBETL is Rs. 156.59 million. Financing secured amounted to Rs. 503.40 million for the implementation of the IBETL Power Project, from three lenders, including Indian Renewable Energy Development Agency Limited, Andhra Bank and UCO Bank. As of March 31, 2010, Rs. 330.31 million and Rs. 347.81 million in principal amount of secured and unsecured loans, respectively, remains outstanding.