Indian Energy Theni Project Phase 1

active

Prospective

Indian Energy Theni Project was a 49.5 MW wind farm at Theni in the State of Tamil Nadu. The Theni Project was designed and commissioned in two phases. Phase I consisted of 11 turbines of 1.5 MW capacity each and with a total generating capacity of 16.5 MW. Phase II, consisted of up to 22 turbines of 1.5 MW each and a total capacity of up to 33 MW. Indian Energy contracted ReGen Powertech Private Limited ("ReGen") the construction of the wind farm. ReGen was a Chennai-based company which manufactures turbines using technology from Vensys Energy AG, Germany. Indian Energy entered into a long term 20 year Power Purchase Agreement ("PPA") with the Tamil Nadu Electricity Board for the sale of power at a rate of Rs. 3.39 per kWh as governed by the current State Tariff Order for the first 4.5 MW. The first 4.5 MW of the Theni Project was approved under the Generation Based Incentive Scheme that was announced in December 2009 and was to receive a further INR 0.5 per kWh in revenue. The PPA for the next 12 MW was expected to be signed in 2010. In addition, Indian Energy planned to establish the project as a Clean Development Mechanism under the Kyoto Protocol, which is expected to generate approximately 120,000 Certified Emission Reductions ("CERs") per annum. The project cost of the phase I was estimated to be US$19.8 million, assuming a debt/equity ratio of 75/25. Phase I reached financial closure in April 2010 with (US$14.9 million) INR680 million debt facility from State Bank of India. The first phase was operation by June August 2010. The second phase had a construction scheduled to commence in Q4 2010 and was expected to be fully commissioned by Q1 2011.

Energy

World Bank Group

Project

Raw Materials, Wind, Power Generation (CCGT), Government, Manufacturing (Industrial), Commercial