GULPUR HYDROPOWER PROJECT (MIRA POWER LIMITED)

Salient Features

Project Company Gulpur Hydropower Project (Mira Power Limited)
Policy Power Policy 2002
Main Sponsor Korea South East Power Co. (KOSEP)
Main Sponsor Shareholder 76%
Other Sponsors DAELIM Industrial Co. and LOTTE E&C Co. DAELIM's spin-off request in process
Other Sponsors Shareholder 24% (18 % & 6%)
Lenders KEXIM, IFC, ADB, CDC
Province AJK
Location District Kotli, AJ&K
River Poonch
Gross Capacity 102MW
Net Capacity 100.98MW
Technology Hydro Electric
Configration 2 No. Kaplan Turbines
Total Project Price(USD) 317.17Million EPC, Stage-2
Debt Equity Ratio 75:25
Debt Amount USD 238.22Million
Equity Amount USD 79.41Million
Levelized Tariff 9.0241US c/kWh
Levelized CPP 0.1851US c/kWh
Levelized EPP 8.8389US c/kWh
1-12 Years Tariff 10.5594US c/kWh
13-30 Years Tariff 5.0210US c/kWh
FS Tariff 5.42US c/kWh 10-Feb-2009
EPC Tariff 9.0241US c/kWh 3-Aug-2015
Power Purchaser Central Power Purchasing Agency (Guarantee) Limited (CPPA-GL)
Term of Project 30Years
Primary Fuel Hydro
Fuel Supplier GOAJ&K
EPC Contractor JV of DAELIM & LOTTE
Owner's Engineer JV of MWH and NESPAK
Annual Availability 94.5%
Annual Energy Yields 474.996GWh

Important Milestones

Submission of Proposal 13-OCT-2004
Approval of PPIB Board 23-DEC-2004
Issuance of Notice to Proceed 1-JAN-2005
Submission of PG@US$ 1000/MW 28-FEB-2005
PG Validity 01-SEP-2006
Issuance of LOI 12-MAR-2005
Tariff Determination 03-AUG-2015
Submission of PG@US$ 5000/MW 30-JAN-2010
Date of issuance of LOS 27-APR-2010
LOS Extension 1, 2 23-May-2013 12 Months, 8Months
Implementaion Agreement (GOP) 14-APR-2014 GOP 28th October 2015 (Amendment) & AJK IA 16th March 2015, 25th January 2016 (Amendment)
Direct Implementation Agreement 09-SEP-2015 Direct IA AJ&K 13th Oct-2015
AJK IA 16-Mar-2015 Amendment 1: 25-Jan-2016
Direct AJK IA 13-Oct-2015
Power Purchase Agreement 03-SEP-2015
Direct Power Purchase Agreement 14-Oct-2015
Water Use Agreement 16-MAR-2015
Direct Water Use Agreement 13-Oct-2015
EPC Contract 7-AUG-2015
Financing Documents 14-MAY-2015
Achievement of Financial Close 30-OCT-2015
RCOD 1-NOV-2019
COD 10-MAR-2020