Rayala Wind Power Company Private Limited

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In June 2011, Greenko Group Plc entered into an agreement with Andhra Pradesh Government to develop a 100.8MW wind farm located at Balavenkatpuram in Anantpur district of Andhra Pradesh. The project would be executed in 2 phases - Phase-1 of 51.2MW and Phase-2 of 50MW. Additional phases Phase-III (50MW) and Phase-IV (50MW) were added to the site. The wind farm will involve the building of GE XLE Wind Turbines (either 63x1.6MW XLE or 56x1.8MW XLE). GE would engineer and construct the wind turbines. The electricity generated from the project would be evacuated by the Andhra Pradesh state grid. Power evacuation would be done by 33/220 kV transmission systems operated by the state transmission utility. Greenko Group Plc established Rayala Wind Power Company Private Limited (Rayala Windfarm), a special purpose vehicle to execute this 100.8MW project. Rayala Windfarm would sell the power to Andhra Pradesh State Electricity Distribution Company Ltd (MSEDCL) through a 25-year PPA.The APPC (Average Power Purchase Cost) base tariff as per current APERC tariff order (for PPAs executed upto 31st March 2015) was US$ 0.088/Unit (INR 4.70 per unit @53.44 INR/USD). The transmission charges would be paid by Rayala Windfarm to the state transmission utility.The total capacity of 100.8MW was eligible CDM benefits under UNFCC. Financial closure took place on 13th August 2012.The total project cost at the time of financial closure was US$ 120.5mn (INR 6440mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 67/33. Financing comprised of a 14-year 4-months term loan of USD 81.4mn (INR 4350mn) and sponsor equity of US$ 39.1mn (INR 2090mn). The term loan had a repayment schedule of 48 quarterly instalments. The term loan was arranged by IDFC and Indian Renewable Energy Development Agency (IREDA). Additional financing of US$ 55.9mn for Phase-III (50MW) was closed in March 2014 at a debt/equity ratio of 70/30. It comprised of a 14-year 3-month term loan of US$ 39.3mn (INR 2400mn @61 INR/USD) and sponsor equity of US$ 16.6mn (INR 1010).The participating banks were Central Bank of India (INR400mn), IDFC (1100mn), Indian Renewable Energy Development Agency (900mn). Site access work had begun and all the land acquisition for the Phase-1 (51.2 MW) turbine bases was completed by December 2012. Initial commissioning had been targeted to start in mid-2013, with Phase-2 (50 MW) still planned to start construction in late 2013.The grid connection for the site's full capacity of 200 MW was completed in October 2013. In December 2013, Phase-I of 51.2MW was commissioned. In January 2014, Phase-II of 50MW was commissioned.In June 2014, 30MW of the Phase-III (total capacity of 50MW) was commissioned. Phase-4 (50.0 MW) was on schedule for commissioning ahead of the 2015 wind season.