ReNew Wind Energy (Shivpur) Private Limited

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ReNew Wind Power Private Limited entered into an agreement with Maharashtra Government, to develop 49.5MW wind power project Peth Shivpur village in Kolhapur district of Maharashtra. The project would be executed by ReNew Wind Energy (Shivpur) Private Limited, a special purpose vehicle. The wind farm would involve the building of 33 ReGen Powertech wind turbines of 1500kW capacity each.The electricity generated from the project would be evacuated by state grid thorugh Northern, Eastern, Western and North-Eastern (NEWNE) grid of India. ReGen Powertech Private Limited would develop, construct, commission, operate and maintain the project at an all-inclusive price. ReNew Wind Energy (Shivpur) Private Limited would sell the power to Maharashtra state Electricity Distribution Company Limited (MSEDCL). 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 49.5MW was eligible for CDM benefits and the company had initiated the process with UNFCC. The project attained financial closure on 8th March 2013 at a debt/equity ratio of 75/25. The project cost estimated at the time of financial closure was US$ 55.6mn (INR 3257mn @58.6mn INR/USD). Financing comprised a 12-year term loan of US$ 41.6mn (INR 2440mn) and sponsor equity of US$ 13.9mn (INR 817mn).The loan was provided by PTC India Financial Services Limited. ReNew had availed financing at satisfactory terms from its lenders, including a ballooning repayment structure, 12-month moratorium period and long tenure of repayment. The project started construction in September 2011 (EPC contract signed) and as per company sources expected to be commissioned in December 2012.The project was progressively commissioned between April and September 2013. The Financial Closure date was changed to march 2013. So the project was pushed to 2013 (earlier it was 2012 based on limited information about financing and commissioning).