ReNew Wind Energy (Vashpet) Windfarm

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In March 2012, board of ReNew Wind Power Private Limited made an investment decision to develop a 45MW wind farm located at Kolgiri and Karajangi in Vaspet villages of Sangli district of Maharashtra. The wind farm would involve the building of 30 units of Vestas V82 wind turbines with 1.5MW capacity each. The farm was expected to have a load factor of 25.57%. The electricity generated from the project would be evacuated through Northern, Eastern, Western and North-Eastern grid of India to the state grid. A EPC for the wind farm had been awarded to ReGen Powertech Private Limited in March 2012. Once the project was commissioned, ReGen would assume responsibility for turbine operation and maintenance services. ReNew Wind was expected to sell 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 45MW was eligible for CDM benefits under UNFCC and validation process was completed. The Project attained financial closure on 3rd September 2013 at a debt/equity ratio of 76/24. The estimated project cost at the time of financial closure was US$ 63.2mn. Financing comprised of a US$ 48mn US Dollar term loan and sponsor equity of US$ 15.2mn (INR 893mn @ 58.6 INR/USD). The foreign currency loan of US$ 48mn was arranged by Rabobank Nederland and FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden). The project had started commissioning on 26th September 2012 and completed commissioning of all turbines on 6th August 2013.