Guidelines to Borrowers for Renewable Energy Projects
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1 Guidelines to Borrowers for Renewable Energy Projects
2 Table of Contents 1. About Rural Electrification Corporation Limited Eligible Projects Eligible Borrowers Financial Products offered by REC Security Draft Loan Application Format Loan Application Process Loan Application Fees... 4 Annexure I - Draft application letter of Borrower to REC... 5 Annexure II Draft Loan Application Form... 6
3 Guidelines to Borrowers 1. About Rural Electrification Corporation Limited Rural Electrification Corporation Limited (REC), a NAVRATNA Central Public Sector Enterprise under Ministry of Power, was incorporated on July 25, 1969 under the Companies Act REC is a listed Public Sector Enterprise Government of India. Its objective is to finance rural electrification, transmission, distribution, conventional generation and Renewable Energy generation projects all over the country. It provides financial assistance to State Electricity Boards, State Government Departments, Rural Electric Cooperatives & Private sector borrowers. REC provides loan assistance to SEBs/ State Power Utilities/ Private sector borrowers through its Corporate Office located at New Delhi and 17 field units (Project Offices), which are located in most of the States. The Project Offices in the States coordinate the programmes of REC s financing with the concerned SEBs/State Power Utilities/Private borrowers and facilitate in formulation of schemes, loan sanction and disbursement and implementation of schemes by the concerned borrowers. The Renewable energy potential of India has been estimated at around 85,000 MW. To promote Renewable Energy (RE), REC is also engaged in financing projects covering Renewable Energy projects. 2. Eligible Projects The following types of projects will be provided loans by REC under these guidelines: (i) Wind Power projects (ii) Small Hydro Power projects (iii) Biomass Power projects (including co-generation) (iv) Solar Power projects (v) Any other technology as approved by Regulators (i) Wind Power projects a. Wind power project located at the wind sites having minimum annual mean Wind Power Density (WPD) of 200 Watt/m 2 measured at hub height of 50 meters or Wind Power Projects located at sites with wind measurements duly vetted by C-WET. b. Projects based on the technology as per the latest Terms and Conditions for Tariff determination from Renewable Energy Sources Regulations by the Regulators. Page 1 of 6
4 c. The project uses new wind turbine generators d. Minimum installed generation capacity of 1 MW for grid connected projects. (ii) Small Hydro Power projects a. Small hydro project located at sites approved by State Nodal Agency/ State Government using new plant and machinery, and installed power plant capacity to be lower than or equal to 25 MW at single location. b. Projects based on the technology as per the latest Terms and Conditions for Tariff determination from Renewable Energy Sources Regulations by the Regulators. c. Minimum installed capacity of 1 MW for grid connected projects. (iii) Biomass Power projects a. Biomass power projects using new plant and machinery based on Rankine cycle technology and using biomass fuel sources, provided use of fossil fuel is restricted only to 15% of total fuel consumption on annual basis. b. Projects based on the technology as per the latest Terms and Conditions for Tariff determination from Renewable Energy Sources Regulations by the Regulators. c. Minimum installed capacity of 1 MW for grid connected projects. d. Maximum installed capacity of 10 MW. (iv) Solar Power projects a. Solar PV and Solar Thermal Power Projects Based on Technologies approved by MNRE b. Projects based on the technology as per the latest Terms and Conditions for Tariff determination from Renewable Energy Sources Regulations by the Regulators c. Minimum installed capacity of 1 MW for grid connected projects 3. Eligible Borrowers The following agencies may approach REC for loans for RE projects: (i) Only applicants registered in India (Under the Companies Act, 1956) (ii) Applicants who are not in default in payment of dues to REC, Financial Institutions, Banks or NBFCs (iii) Applicants who are not classified as willful defaulters as defined by RBI/ classified by other FIs/ CIBIL (iv) Applicants/ Group Companies and/or promoters of the applicant Company not convicted by court for criminal/ economic offences or under national security laws. Page 2 of 6
5 (v) Trusts /Societies shall be considered for financing only against appropriate Bank Guarantee (as determined by grading by REC) from Scheduled Commercial Banks / Pledge of FDR issued by Scheduled Commercial Banks as described in RBI Act (vi) Applicants with accumulated losses (without taking in to account effect of revaluation of assets, if any ) as per audited Annual Accounts/ Income Tax Returns of the immediate preceding financial year will not be considered for loan, unless appropriate security of Bank Guarantee (as determined by grading by REC) from Scheduled Commercial Bank is provided. (vii) Loss making applicants as per Audited Annual Accounts of the immediate last year of operation will not be considered for loan, unless appropriate security of Bank Guarantee (as determined by grading by REC) from Scheduled Bank Note: The provisions under (vi) and (vii) above shall not apply to the loss incurred due to preliminary & preoperative expenses in the case of projects promoted by Special Purpose Vehicle (SPV) and also the loss due to depreciation in the case of take over loans, and in case of: a. companies posting loss due to de merger /merger/ acquisition/amalgamation b. loss due to booking of one time expenditure provided they are otherwise profit making. (viii) The minimum share capital of the applicant s business should have been paid up in full as per Indian Company Act 4. Financial Products offered by REC For Renewable Energy projects, REC offers term-loan. 5. Security Additional security (other than the project assets) shall be required as collateral security. The Actual extent of the security mix will be decided by REC depending on the credit worthiness of the promoters and financial soundness of the company and techno-economic soundness of the scheme and the type/mix of additional security shall comprise of: Bank Guarantee from Scheduled Banks as described in RBI Act State Government Guarantee Unconditional and irrevocable guarantee of All India Public Financial Institutions having AAA or equivalent rating Mortgage of immovables by way of deposit of title deeds Hypothecation of movable assets, both existing and future, subject to prior charge of Banks on specified current assets Personal Guarantee by promoters and/or promoter directors backed by assets (along with undertaking of non-disposal of assets and copy of title deeds) Page 3 of 6
6 Corporate Guarantee In addition to the above, any other collateral security acceptable to REC 6. Draft Loan Application Format The draft Loan Application Format has been provided in Annexure I and Annexure II. 7. Loan Application Process The following steps constitute the Loan Application Process: (i) Submission of Loan Application to REC in prescribed form along with applicable non-refundable application fee. The details of clearances/ documents required for consideration of loan sanction are specified in the application form. (ii) REC will confirm receipt of application to the promoter. (iii) REC will then check the application form according to checklist present in the application form. (iv) If required, REC may seek additional details for enabling processing of the application. (v) REC begins processing the application once all essential documents are made available by the applicant as per the requirement of REC along with the requisite fee. (vi) REC reserves the right to reject an application. (vii) If required, REC may ask the applicant to make a presentation. 8. Loan Application Fees A non-refundable fee of 0.1% of the loan applied, subject to a ceiling of 10 lakhs shall be charged as Application & Processing Fee. 50% of this will be taken at the time of receipt of loan application. Remaining 50% of the application fee shall be payable before the issue of the sanction letter. In case REC decides to lend an amount different from the loan applied, the application fee shall be payable in accordance to the loan sanctioned. Page 4 of 6
7 Annexure I - Draft application letter of Borrower to REC Place: Date: GM (Renewables) REC Ltd. Core -4, Scope Complex 7, Lodi Road, NEW DELHI Dear Sir, Sub: Application for Loan Assistance for Renewable Energy Project - <Project Name> - <Type> - <Capacity> We,, plan to setup a <Capacity> of <Type> Power Plant at <Location>. The total project cost (including IDC) is expected to be Rs. ( in words). We seek a loan assistance of Rs. ( in words) from REC. Please find enclosed three copies of our completed application format along with the requisite attachments. Please inform the undersigned in case you need any further information. Yours faithfully, For Address: Contact No.: Fax: Address: Encl: As above Page 5 of 6
8 Annexure II Draft Loan Application Form Page 6 of 6
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