India: Ayana Anantapuramu NTPC Solar Project

terminated / cancelled

The Project involves financing of a 250 MW solar project being developed by a special purpose vehicle, Ayana Ananthapuramu Solar Private Limited (“AASPL” or the “Company” or the “Borrower”). The Project was awarded through a competitive bid, at a tariff of INR 2.73 /kWh (US¢ 3.58/kWh). AASPL signed a 25-year Power Purchase Agreement (“PPA”) with National Thermal Power Corporation (“NTPC”) in July 2018. In turn, NTPC signed a 25-year Power Sale Agreement (“PSA”) with AP Discom(s) to sell the electricity generated by the Project to AP Discom(s). As per the PPA, NTPC has the sole obligation to make the payment to AASPL for the power offtake in accordance with the terms of the PPA. Power will be evacuated through the existing, operational 400/220 kV NP Kunta sub-station of PGCIL, which is located at a distance of 3 kms from the solar park in which the Project is being constructed.