Techno Electric & Engineering Company Ltd (TEECL), one of the leading EPC Company in the country, focused on power sector, today announced commencement of first phase of the 125 MW wind energy generation project. Simran Wind Project Pvt. Ltd., the 100% subsidiary of TEECL, embarked the project by commissioning 15 MW of wind energy generation on March 31, 2011 in the state of Tamil Nadu. The 125 MW project which is as per of schedule is set for completion by June 2011. The total cost for phase I of the project will be about Rs 700 crore with a debt-equity ratio of 1.8:1. The debt financing is being done by IFC Washington, Standard Chartered & DBS.
The company’s existing capacity has been successfully registered with UNFCC for 130,000 CER’s. Out of the existing capacity, 7.5 MW has been registered with Indian Renewable Energy Development Agency (IREDA) for Generation Based Incentive (GBI).
Commenting on the development, Mr. P.P. Gupta, Managing Director, TEECL, said, “We are happy to announce the commencement of 15 MW of wind energy generation as per the scheduled time. The non-conventional energy sector is growing stronger with the implementation of REC mechanism and its trading on power exchanges. This would attract more investments into non- conventional energy generation”.
“We are focused on expanding in the green energy space,” Mr. Gupta added.
The Power Purchase Agreement for 15 MW has been executed with the Tamil Nadu Generation & Distribution Company (TANGEDCO) under the REC scheme. The REC scheme has been successfully implemented as per the Central Electricity Regulatory Commission (CERC) & is trading at the power exchanges from its inaugural trading session on 30th March 2011.
About Techno Electric & Engineering Co. Ltd:
Techno Electric and Engineering Company Limited (TEECL), headquartered in Kolkata, is a leading EPC company in the power sector. TEECL provides engineering, procurement and construction services to all the three segments of power sector namely generation, transmission and distribution. It is involved in commissioning in one capacity or other over 50% of India’s thermal power generating capacity and setting up major portion of the National Grid.
With over three decades of rich experience in the power sector, TEECL has been the preferred vendor for all PSUs. BHEL awarded TEECL as the best electrical vendor for the year 2010.
TEECL has been growing vertically into Power Generation (2009) and Transmission Network (2010). It currently owns 95.45 MW of wind energy assets in the country and plans to expand capacity to 300 MW by 2012 and 1,250 MW by 2017. Techno won the first of its kind PPP contract in its Transmission vertical, in consortium, to build, finance, operate and transfer with a concession period of 25 years (extendable by 10 years) a 400KV, 2 Nos. 24 bay sub-stations at Rohtak/Sonepat, 100 km long transmission link in Haryana. Techno will do EPC, Operations and Maintenance work for the sub-station part of the project and is likely to be commissioned by Dec’11. This is the first intra-state Power Transmission project in the country, which has been awarded under the concept of Public Private Partnership (PPP) on Design, Build, Finance, Operate and Transfer (DBOFT) basis with the provision of Viability Gap Funding support from the Central Government.
About Simran Wind Projects Pvt Ltd.
Simran Wind Projects Pvt Ltd., a wholly owned subsidiary of Techno Electric & Engineering Company has an installed capacity of 50.45 MW of wind energy generation.. The company’s existing capacity has been successfully registered on February 19th, 2011 with UNFCC for 50,000 CER’s. Simran’s 7.5 MW of existing capacity has been successfully registered with the Indian Renewable Energy Development Agency (IREDA) for GBI.
With the aim to become a major player in the green energy space, Simran plans to expand its existing capacity by another 200 MW (125 MW by June’11 & balance 75 MW by Dec’11. The total projected cost for the expansion is Rs 1,150 crore funded with a mix of debt-equity.
