Sispara Renewable Power Private Limited

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NSL Renewable Power Private Limited entered into an agreement with Maharashtra Government, to develop 12MW wind power project at Chilweri in Satara district of Maharashtra. The project would be executed by Sispara Renewable Power Private Limited, a special purpose vehicle. The wind farm would involve the building of 8 units of ReGen V87 wind turbines (1500kW each).The electricity generated from theproject 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. Sispara Renewable Power Private Limited (SRPPL) would sell the power to Maharashtra state Electricity Distribution Company Limited (MSEDCL). The feed-in tariff was US$ 0.093/Unit (INR 5.7 per unit @61 INR/USD) for the first 13 years of operation. The transmission charges would be paid by SRPPL to the state transmission utility. The total capacity of 12MW was eligible for CDM benefits. The project attained financial closure on 14th November 2014 at a debt/equity ratio of 71/29. The estimated project cost at the time of financial closure was US$ 13.9mn (INR 850mn @61 INR/USD). Financing comprised of a 13-year 3-month term loan of US$ 9.8mn (INR 600mn) and sponsor equity of US$ 4.1mn (INR 250mn).The term loan had a grace period of 12-months and a repayment schedule of 48 quarterly instalments. The loan was priced at at 250 basis points over the prime lending rate. The lead arranger of the term loan was SBI Capital Markets and the loan provided by PTC India Financial Services Limited. The project was expected to be commissioned by April 2015.