ReNew Wind Energy (Delhi) Private Limited

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ReNew Wind Power Private Limited entered into an agreement with Maharashtra Government, to develop 28MW wind power project at Jamb in Satara district of Maharashtra. The project would be executed by ReNew Wind Energy (Delhi) Private Limited, a special purpose vehicle. The wind farm would involve the building of 14 Kenersys K-82 make wind turbines of 2MW capacity each. The electricity generated from the project would be evacuated to the state grid through Northern, Eastern, Western and North-Eastern grid of India. Kenersys India Private Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price.The O&M agreement with Kenersys was for a period of 10-years. ReNew Wind Energy (Delhi) Private Limited was expected to sell all the power to the state utility Maharashtra State Electricity Distribution Company Limited (MSEDCL) through a 13-year PPA. 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 ReNew to the state transmission utility.The total capacity of 28MW was eligible for CDM benefits under UNFCC. The project attained financial closure on 18th March 2013 at a debt equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 29.4mn (INR 1723mn @58.6 INR/USD). Financing comprised a 12-year term loan of US$ 20.6mn (INR 1210mn) and sponsor equity of US$ 8.7mn (INR 513mn).The loan was provided by PTC India Financial Services Ltd. The project capacity was progressively commissioned between May and July 2013. Further, as on May 2014, the construction of related evacuation infrastructure was also complete.