NSL Wind Power Company (Satara) Private Limited

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NSL Renewable Power Private Limited established NSL Wind Power Company (Satara) Private Limited to execute a 75MW wind power project at Chilarewadi village, Satara district in the state of Maharashtra. The wind farm would involve the building of 50 wind turbines of ReGen V87 make of 1.5MW capacity each. The company proposed to implement the project in two phases with 25.5 MW in the first phase and 49.5MW in second phase. The electricity generated from the project would be evacuated by North, East, West and North East (NEWNE) grid of India. The EPC for the power plant had been awarded to ReGen Powertech Limited. ReGen Powertech would develop, construct, commission, operate and maintain the project at an all-inclusive price. NSL Wind Power Company (Satara) Private Limited was expected to sell the power from this project to Maharashtra State Electricity Distribution Company Limited (Maharashtra Discom). The APPC (Average Power Purchase Cost) base tariff as per MERC tariff order (dated 29 April 2011 for Wind zone 1) was US$ 0.10/Unit (INR 5.37 per unit @53.44 INR/USD) for the first 13 years of operation. The transmission charges would be paid by NSL to the state transmission utility. The total capacity of 75MW was eligible for CDM benefits and the company had initiated the process with UNFCC. The Project attained financial closure on 23 June 2013 at a debt equity ratio of 72/28. Total project cost estimated at the time of financial closure was US$ 88.4mn (INR 5183.6mn @ 58.6 INR/USD). Financing comprised a 13-year 9-months term loan of US$ 21.3mn (INR 1250mn), a 12-year 6-months US Dollar term loan of US$ 17.2mn (INR 1008.6mn), a 12-year 6-months US Dollar loan of 25mn (INR 1465mn), and sponsor equity of US$ 24.9mn (INR 1460mn).The USD Loan (ECB) of $25mn had a grace period of 1 year and repayment schedule of 23 semi-annual payments. It was priced at 403 basis points over the LIBOR rate. The loan provider was Standard Chartered bank. The INR 1250mn term loan had a grace period of 1 year and repayment schedule of 48 quarterly installments. It was priced at 13%. The loan provider was PTC India Financial Services. The USD Loan (ECB) of $ 17.2mn had a grace period of 1 year and repayment schedule of 23 semi-annual installments. It was priced at 450 basis points over LIBOR. The loan provider was International Finance Corporation (IFC). All loans were arranged by SBI Capital Markets. Information on construction couldn't be ascertained, however each phase was expected to have a construction period of six months from the commencement of work. In absence of credible information, changed the year of investments to reflect the financial closure date