NSL Pabbar & Supin HPPs

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In July 1998 NSL Renewable Power Private Limited, through its SPV - Tangnu Romai Power Generation Private Limited signed an Implmentation Agreement with Himachal Pradesh Govrenment for setting up two run-of the river type hydro power projects proposed on Pabbar and Supin rivers in Chirgon Tehsil, Shimla District of Himachal Pradesh.(The concession tenure couldnot be ascertained at the time of collection of this information). Installed capacity of the project was 44MW (2 units of 22MW) for Tangnu Romai HEP-I and 6MW for Tangnu Romai HEP-II.The project would use Vertical Shaft Pelton Wheel type turbines. HEP-I would produce 174.9 million units at a plant load factor of 48.2% and HEP-II would produce 28.48 million units at a plant load factor of 54.2%. The electricity produced would be evacuated through 132 kV transmission line to HPSEB (Himachal Pradesh State Electricity Board) sub-station at Sunda.Pioneer Builders was the EPC contractor and Boving Fouress was the equipment supplier. Himachal Pradesh State Electricity Board (HPSEB) had signed a power purchase agreement (PPA) with Tangnu Romai Power Generation Private Limited in November 2007. The duration of PPA couldnot be ascertained at the time of collection of this information. As per the HPERC (state regulator) approved PPA, HPSEB would purchase electricity at the rate of US$ 0.055/Unit (INR 2.5/unit @45INR/USD) from the date of commissioning.Out of the expected net energy generation, 12% per annum for first 12 years and 18% per annum from 13th to 40th year was to be provided free of cost to Himachal Government.Tangnu Romai Power had represented its case for carbon credits for the project, and UNFCC was currently validating the project.The financial benefits of the revenue obtained by selling of the CERs was expected to improve the Equity IRR of the project. The estimated cost of the project was USD 71.1 million (INR 3200 mn @45 INR/USD). Financial closure took place in May 2011. The debt to equity ratio for the project was 70:30. Financing comprised of a 15-year term loan of USD 49.8mn (INR 2240 mn) and USD 21.3mn (INR 960mn) sponsor equity. The term loan had a grace period of 5 years and a repayment schedule of 40 quarterly instalments. Axis Bank was the lead arranger and the particpating banks were Axis bank (INR 760mn), State Bank of Patiala (INR 740mn), and Punjab National Bank (INR 740mn). Construction of the project was started in September 2010 and was targeted to be completed by March 2014 for HEP-I (44MW) and December 2010 for HEP-I. Investments figures correspond to 50 MW (2 units- 44MW and 6MW, noted in the description.They are part of the same project.