NSL Power to invest $45 mn to set up Windfarms in Maharashtra...

 

NSL Power, which plans to invest $45 million to set up new wind farms in Maharashtra, is planning to raise around $15.75 million from the International Finance Corporation.

NSL Renewable Power Private Limited is the ‘Sponsor’ for Jath Wind Energy Private Limited. IFC is an equity holder in the Sponsor, holding 7.9% on a fully diluted basis.

According to company's project disclosure, NSL Power is planning to set up a 40MW wind power plant in Vaspet, Sangli District of Maharashtra through an SPV called Jath Wind Energy Private Limited. The project company has been setup for the sole purpose of construction, operation, and maintenance of the 40 MW project and will not have any other operations.

The Project is expected to be commissioned by March 31, 2014. The off-taker will be Maharashtra State Electricity Distribution Co. Ltd (MSEDCL), a state owned utility.

INOX Wind Limited (INOX), a wind turbine manufacturer and project developer (and a group company of an IFC investee company Inox Renewables Ltd), will be developing the project on a turnkey basis – from design to construction to commissioning, which includes the micrositing, land acquisition, obtaining statutory approvals, WTG supply, and EPC and O&M.

Investment in the project is estimated at about $45 million equivalent and the proposed IFC investment consists of an IFC ‘A’ Loan of up to $ 15.75 million equivalent subject to a cap of 35% of the total project cost.

The balance debt financing of up to $15.75 million equivalent is proposed to be arranged from other Indian lenders by the Sponsor or through the IFC syndicated loan products.

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NSL Power to Shift its Power Plant to Odisha...

 

Hyderabad-based NSL Nagapatanam Power and Infratech Private Limited has decided to relocate its 1,320 MW thermal power project from Tamil Nadu to Odisha following public protest there.

This will be the second power project of the company in the State after merger of Mahanadi Aban Power Company Limited with NSL Power as per the July 27, 2012 order of the Madras High Court.

The company is in the process of acquiring land for the second project in Angul district. It has applied for clearances from the State Government and the proposal is being scrutinised by the Industrial Investment Promotion Corporation of Odisha Limited (IPICOL).

The company will locate land for the project after obtaining clearance from the State Government, official sources said.

NSL Group, the country’s largest hybrid seed company, acquired Aban’s two coal-fired projects in Tamil Nadu and Odisha with a combined potential of 2,200 MW.

Aban has completed land acquisition for the Tamil Nadu project, the 1,200 MW North Chennai Power Company, a planned coastal thermal plant. The Mahanadi Aban Power Company in Odisha is a 1,030 MW project.

The NSL group has power projects in thermal, wind energy and biomass. It had planned to set up two coal-based power projects 1,320 MW Nagapatanam Power & Infratech project in Tamil Nadu and a similar sized Orissa Power and Infratech project in Angul district, where Aban proposed to build a plant.

The company had already acquired land for the Nagapatanam project, but had to back off following stiff opposition from local people there.

The company preferred to relocate its project to Odisha for easy availability of coal. It had already signed an agreement with Mahanadi Coalfields Limited (MCL) for its Tamil Nadu power project.

The company had signed an agreement with MCL for supply of 4.27 million tonnes of coal for its Angul project.

Meanwhile, the Energy department has written to the Infrastructure Development Corporation of Odisha (IDCO) to assign the land leased out to Mahanadi Aban in favour of NSL

Nagapatanam Power and Infratech as per the order of the Madras High Court.

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