Indian Energy has entered in to a 20 year Power Purchase Agreement (PPA) with the Tamil Nadu Electricity Board (TNEB) for the sale of the wind power generated from the first three wind turbines at a rate of Rs.3.39/kWh.
The group expects to enter in to a similar PPA with the TNEB for the remaining 8 wind turbines shortly.
The first 4.5 MW of the wind farm has been granted approval under the Indian Generation Base Incentive Scheme and thereby earn an additional Rs.0.50/kWh. The remaining 12 MW is expected to be granted the same.
Rupert Strachwitz, CEO of Indian Energy, says: “We are delighted that the Theni wind energy project is now fully commissioned. By working closely with our supplier, Regen Powertech and our bankers, State Bank of India, we have succeeded in completing this project ahead of our target time frame of 9 to 12 months from signing the construction contract. I believe this clearly demonstrates the Indian Energy team’s ability to not only effectively manage wind projects in India but also deliver on its business plan.”
Indian Energy is an independent power producer focused on becoming a leading owner and operator of wind farms in India.
The Group currently owns and operates a 24.8 MW wind farm at Gadag Plains, Karnataka and is constructing a 49.5 MW project at Theni, Tamil Nadu, where 4.5 MW has been commissioned and is operating. Indian Energy aim to own a portfolio of wind farms in India with 300 MW of generating capacity by 2013.