Torrent Sangli 75MW Windfarm

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Torrent Power Limited entered into an agreement with Maharashtra Government to develop a 75MW wind farm located at Sangli district (spread across 7 villages - Bhud, Madalmuthi, Devikhind, Balawadi, Mainganwadi, Valvan, and Gharniki), in the state of Maharashtra. The windfarm would involve the building of 50 ReGen make V82 gearless wind turbines of 1500KW capacity each. The windfarm was designed at a load factor of 20.72%. The electricity generated from the project would be evacuated to Northern, Eastern, Western and North-Eastern grid of India. Apart from the WTGs, the project activity also involved the installation of transformers, transmission lines/ cables and other equipment required for the generation and transfer of electricity to the grid.Power evacuation would be done by 33kV transmission line and the 110kV/132kV substation. Torrent Sangli Windfarm would sell the power to Maharashtra State Electricity Distribution Company Ltd (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 Torrent Power to the state transmission utility.The total capacity of 75MW was eligible under REC as per the CERC and CDM benefits under UNFCC. Contracts for supply, erection and O&M had been executed with Regen Powertech Private Limited for this project in March 2012. Financial closure took place on 28th June 2012.The total project cost at the time of financial closure was US$ 97.5mn (INR 5208.4mn @ 53.44 INR/uSD).The debt equity ratio for the project was about 80/20. Financing comprised of a 13-year term loan of USD 77.8mn (INR 4160mn) and sponsor equity of US$ 19.6mn (INR 1048.4mn). The term loan had a repayment schedule of 52 quarterly installments. The term loan was arranged by IDFC. Construction started in March 2012 and was expected to be completed by March 2013.