Jhimpir Power (Private) Limited

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Jhimpir Power (Private) Limited (JPPL), formerly Dewan Energy (Private) Limited, was developing a 49.6MW wind power generation plant located over 6.28km2 of land in the Jhimpir Wind Corridor, Thatta District of Sindh province in Pakistan. The project involved engineering, design, procurement, construction, turbine erection, grid tie-in, commissioning and operation & maintenance of the 49.6MW wind power generation facility. The project would involve use of 31 units of GE 1.6-82.5-type wind turbines of 1.6MW each provided by GE-HE Wind Energy (Shenyang) Company Limited. On 3rd April, 2013, Harbin Electric International Co., Ltd. (HEI) and Pakistan Dewan Energy (Pvt.) Ltd. formally signed the contract for execution of the EPC for this project.General Electric International, Inc. will be providing operation and maintenance services to the project for a total term of approximately 10 years. The Project would be an independent power producer and will sell electricity to the National Transmission and Despatch Company Limited (NTDC) under a 20-year fixed price Energy Purchase Agreement under the Government of Pakistan's Renewable Energy Policy for the Development of Power Generation (2006).JPPL had opted for an upfront tariff setting by the regulator. The Upfront Tariff was being offered for projects based on take-and-pay arrangement without the wind risk coverage. The companies opting for this Upfront Tariff would have to achieve the financial closure by 30th September 2014. On 24th April,2013, NEPRA announced Upfront Tariff of US cents 13.5244 per kWh for wind power projects. The total Project Cost was estimated at US$ 135.4 million and was expected to be funded with a debt to equity ratio of 75/25. In September 2013, OPIC sanctioned a 11.5-year term loan of US$ 101.5mn. The term loan had a grace period of 18-months and repayment period of 10-years. Construction of the project was in progress and commissioning was expected by end of 2015.