Raj West Power Limited

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Raj West Power Project was a 1080 MW (8 Units of 135 MW each) lignite based pit head power plant located in village Bhadresh in Barmer district in the state of Rajasthan. The project was being set up by Raj West Power Limited (RWPL), a wholly owned subsidiary of JSW Energy Limited (JSWEL). JSWEL wais part of the JSW Group. In February 2006, JSWEL acquired the entire ownership interest of RWPL from the original consortium which had been the successful bidder in a competitive bid to build, own and operate (BOO) this project. RWPL entered into an agreement for this project with the Govt. of Rajasthan in May 2006. RWPL signed a PPA with the three distribution companies in the state of Rajasthan in October 2006 for sale of power from this project. The term of this PPA was 30 years from the date that the last unit of the power plant achieves commercial operation. The project was estimated to cost USD 1250 million (INR 51787.5mn @ 41.43 INR/USD) and achieved financial closure in October 2007. A consortium of banks, with ICICI Bank in the lead, had provided the debt required for the project. On 22nd March 2013, RWPL achieved additional financing of US$ 318.3mn (INR 18652mn) for catering to cost overrun of the project. Financing comprised a 12-year term loan of US$ 238.9mn (INR 14000mn @58.6 INR/USD) and sponsor equity of US$ 79.4mn (INR 4652mn). Participating banks included ICICI, IDBI, Indian Bank, Punjab National Bank, United Bank of India, Bank of India,Vijaya Bank, Central Bank of India. Facility agent was ICICI. In August 2009, RWPL completed construction and commissioned first 135 MW unit and expect to complete construction and commissioning for each subsequent unit at a two to three months interval. RWPL expected to achieve full commercial operation of the entire project by October 2010. The entire project was fully commissioned in March 2013. Additional financing for cost overruns.