Welspun Solar Madhya Pradesh Private Limited

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Welspun Solar Madhya Pradesh Private Limited (WSMPPL), a wholly owned subsidiary of Welspun Renewable Private Limited, has won a 125 MW Solar PV project in Madhya Pradesh. The bidding process was conducted by MP Power Management Company Limited, at Jabalpur on 10th May 2012. WSMPPL won the bid by quoting a tariff of Rs. 8.05 per unit. Welspun Energy Ltd has emerged one among the four winning bidders for solar projects in Madhya Pradesh. After the formal award of the project, Welspun Solar MP Pvt. Ltd will put up one solar photovoltaic project of 100 MW and another of 25 MW capacities.The company was successful in winning this bid against 12 qualified bidders by quoting the second lowest tariff. The company proposes to develop this Project in the Mandsaur district in the Malwa region of Madhya Pradesh in a record time of 19 months from the date of signing the PPA On March 5th 2013, Welspun Energy Ltd. (WEL) had achieved financial closure for this solar project at a debt equity ratio of 80/20. The project cost was estimated at US$ 187.7mn (INR 11000mn @58.6 INR/USD). Financing comprised a 15-year 9-month term loan of US$ 151.0mn (INR 8850mn) and sponsor equity of US$ 36.7mn (INR 2150mn). The term loan had a repayment schedule of 56 quarterly installments. Central Bank of India had been appointed the Lead Lender and Facility Agent for the consortium. The participating banks were Central Bank of India (INR 2500mn),Yes Bank Ltd(850mn), Union Bank of India(2000mn), Vijaya Bank(500mn),State Bank of Patiala(1000mn), India Infrastructure Finance Co Ltd(2000mn). On-ground work for the project was already in progress and it was slated to be commissioned by May 2014. The project was fully commissioned in February 2014.