Suvas Holding Hydro Power Project

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The project entailed the development of a 4MW hydro power project on river Mutha near Temghar, District Pune in the state of Maharashtra, India. Sponsors - Hindalco Industries Limited (51%) and Laxmi Organics Industries Limited (49%) signed the Hydro Power Development Agreement with Maharashtra Government on 25th July 2011. The project attained financial closure on 26th September 2014 at a debt/equity ratio of 70/30. The estimated project cost at the time of financial closure was US$ 4.5mn (INR 277.4mn @61 INR/USD). Financing comprised a 11-year term loan of US$ 3.2mn (INR 194.2m) and sponsor equity of US$ 1.4mn (INR 83.2mn). The term loan was solely arranged by Axis Bank. The project construction was in progress, though as per development agreement it was expected to be commissioned in March 2013.