NSL Wind Power Company (Phoolwadi) Private Limited

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In 2005, NSL Renewable Power Private Limited (NRPPL), through its subsidiary NSL Wind Power Company (Phoolwadi) Private Limited,entered into an agreement with Tamilnadu Government, to develop a 49.5 MW wind power project in Phoolwadi, in Tirupur district of Tamilnadu. The project would be executed in 2 phases - Phase-I of 30MW, and Phase-II of 19.5MW. The wind farm involved the building of 33 ReGen V82 wind turbines of 1500KW capacity each.. The farm was expected to have a load factor of 27.5%. The electricity generated from the project would be evacuated by the Tamilnadu state electricity grid. The EPC for the power plant had been awarded to ReGen Powertech in October 2010. ReGen Powertech would develop,construct,commission operate and maintain the project at an all-inclusive price. As per the agreement signed, ReGen would acquire the entire land required for the project and transfer the development rights to the company prior to commencement of operations. ReGen Powertech had received all the statutory and non-statutory clearances necessary for the project. NSL Phoolwadi Wind Farm had entered into an blanket O&M agreement with the WEG supplier ReGen for operating and maintaining WECs for the life of the project. Please note that NSL Group was the promoter of Regen Powertech Private Limited. NSL Wind Power Company (Phoolwadi) Private Limited had entered into PPA agreement with various industries in that belt under "Group Captive" Power Plant Policy in Tamil Nadu. The industrial /commercial consumers would have at least 26% equity stake in the company and would consume at least 51% of the power produced.The details of the pricing with these industrial consumers couldnt be ascertained at the time of collection of this information. However, the APPC (Average Power Purchase Cost) 20-year base feed-in tariff as per TNRC (Tamil Nadu State Regulator) prevailing tariff order, was US$ 0.066/Unit (INR 3.51 per unit @ 53.44INR/USD). The transmission charges would be paid by NSL Phoolwadi Wind Farm to the state transmission utility. The total capacity of 49.5MW was eligible for GBI as well as CDM benefits and the company had initiated the process with UNFCC. Financial closure took place on 22nd June 2012.The total project cost at the time of financial closure was US$ 49.4mn (INR 2640mn @53.44 INR/USD).The debt equity ratio for the project was 57/43. Financing comprised a 12-year 6-months term loan of US$ 28.1mn (INR 1500mn) and sponsor equity of US$ 21.3mn (INR 1140mn). The term loan had a repayment schedule of 50 quarterly installments. IDFC Bank was the mandated lead arranger. Phase-I of the project was expected to be commissioned by 31/08/2011 and Phase-II was expected to be commissioned by 30/09/2011. The company achieved month-wise commercial operation of wind turbine generators starting from July 2011. As per the company information, both phases of the project had been commissioned in 2012.