Roha Dyechem Santalpur Taluka Solar Plant

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In May 2010, Roha Dyechem Private Limited,signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-mw photovoltaic solar project at in Gujarat Solar Park located at Charanka, Santalpur Taluka, Patan district of Gujarat, under the Gujarat Solar Policy 2010. The project activity will consist of amorphous Silicon thin film modules of 100/95 Wp capacity installed in series and parallel combination. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Roha Dyechem had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), in May 2010, which would be effected at the time of commissioning of the project. The APPC (Average Power Purchase Cost) as per the Gujarat Solar Policy 2010, was US$ 0.33/Unit (INR 15 per unit @ 45INR/USD) for the first 12 years, and US$ 0.11/Unit (INR 5 per unit @45 INR/USD) from 13th year to 25th year. The total capacity of 39.2 MW was eligible for carbon credits. Proceeds of carbon credit were to be shared as follows: (a) 100% by Roha Dyechem in the first year after the date of commercial operation of the generating station/ transmission system;(b) in the 2nd year, the share of GUVNL would be 10% which would be progressively increased by 10% every year up to 50% and whereafter the proceeds would be shared equally by Roha Dyechem and GUVNL. Transmission and/or wheeling charges would be paid by Roha Dyechem. Financial closure took place on 26th July 2011.The total project cost was US$ 76mn.The debt equity ratio for the project was 70/30. Financing comprised of Debt of US$ 53.4mn and sponsor equity of US$ 22.6mn. The US$53.4mn term loan had a tenure of 9 years and a repayment schedule of 44 quarterly instalments. ICICI Bank (US$28.4mn) and Bank of Baroda (US$ 25mn) were the arrangers for the debt.The Asian Development Bank (ADB) also provided a Partial Credit Guarante (PCG) for this project. Construction for the wind farm started in July 2011 and commercial operation was expected to start in December 2011.However the project was finally integrated into the wester grid in May 2012. ADB provided Partial Credit Guarantee. Amount could not be ascertained.