SLREPL 25 MW Banskantha Solar Project

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Sand Land Real Estates Private Limited (SLREPL, a Moser Baer group company), signed an MoU with Gujarat Energy Development Agency (GEDA) for setting up a 25-MW photovoltaic solar project at Banskantha District in the state of Gujarat, under the Gujarat Solar Policy 2009. SLREPL had installed amorphous silicon thin-film solar PV modules from Dupont, Moser Baer and First Solar. The output from the project would be fed to the North-East-West-North-East (NEWNE) grid of India. Power evacuation, as per the state policy, was the responsibility of Gujarat Energy Transmission Corporation Limited (GETCO). Sand Land Real Estates Private Limited (SLREPL) had entered into a 25-year Power Purchase Agreement with the state utility Gujarat Urja Vikas Nigam Limited (GUVNL), which would be effected at the time of commissioning of the project. The PPA as per GEDA documents may have been signed before 11th December 2011. 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 25MW was eligible for carbon credits and SLREPL had applied for the same. Proceeds of carbon credit were to be shared as follows: (a) 100% by SLREPL 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% whereafter the proceeds would be shared in equal proportion, by SLREPL and GUVNL. Transmission and/or wheeling charges would be paid by SLREPL. Dates of financial closure coldn't be verified.The total estimated project cost as per UNFCC document filings was US$ 72.7mn (INR 3886mn @53.44 INR/USD). Construction for the plant was started in June 2011 (date of signing of contract for onshore services, civil works, onshore and offshore supply) and the plant became operational in March 2012 as per company sources. GEDA documents also indicate commissioning before May 9th 2012. In absence of credible information on details of financing, we have considered March 2012 as the financial closure date for our database.