TVS Energy (Maharashtra) Limited_25.5MW Windfarm

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In 2011, TVS Energy Limited entered into an agreement with Maharashtra Government to develop a 25.5MW wind farm located at Satara and Sangli districts (spread across 5 villages- Vibhutwadi, Kurundwadi, Kaledhon, Mulikwadi and Panchwad), in the state of Maharashtra. The windfarm would involve the building of 17 Vensys V82 wind turbines of 1500KW capacity each. The windfarm was designed at a load factor of 22.83%. The electricity generated from the project would be evacuated to Northern, Eastern, Western and North-Eastern grid of India. The WEGs were connected to the transformer (33 kV/690 V) at yard and this in turn would be fed to the pooling substation (220 kV / 33 kV). ReGen Powertech Private Limited signed a supply and operation and maintenance contract for the project in August 2011. For the first 3 years after COD, O&M would be not chargeable to TVS Energy. Renewable Energy Generation Private Limited was contracted for the erection and commissioning of the WEGs in August 2011. TVS Energy Maharashtra 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 TVS Energy to the state transmission utility.The total capacity of 25.5MW was eligible under GBI scheme (incentive of INR 0.5/kWh) and CDM benefits under UNFCC and validation process had been completed for CDM benefits. Financial closure took place on 28th September 2011.The total project cost at the time of financial closure was US$ 35.1mn (INR 1640mn @46.67 INR/USD).The debt equity ratio for the project was about 70/30. Financing comprised a 10-year term loan of US$ 24.6mn (INR 1148mn) and sponsor equity of US$ 10.5mn (INR 492mn). The term loan was arranged by ICICI. Land was acquired in March 2012. Pre-construction activities started in August 2011 and 2 WEGs had been commissioned by 31 March 2012. 4 WEGs were commissioned on 30 May 2012 and the last 11 WEGs had been commissioned on 17 September 2012.