First 3 turbines at Theni Project begin generating power

4 February 2010 - Indian Energy Limited said that the first three turbines at its Theni Project have been commissioned and are now fully operational. They are generating power into the grid and as a result are now contributing to the group's earnings.

This follows the announcement made on December 8, 2009 when Indian Energy signed a contract with ReGen Powertech Private Limited for the construction of a 49.5 MW wind farm at Theni in the State of Tamil Nadu. These three initial turbines are part of the first phase of development of the project which will see a further eight 1.5 MW turbines constructed within the next 5 months to give a total generating capacity of 16.5MW. The second construction phase is due to start in June 2010. Upon completion this will take the total generating capacity at Theni to 49.5MW by December 2010.

The Tamil Nadu Electricity Board (TNEB) has approved the Power Purchase Agreement (PPA) with Indian Energy. The Company will shortly enter into the 20 year PPA with TNEB for the sale of the power generated at Theni at a rate of $.07 INR 3.39) per kWh as governed by the current State Tariff Order. In addition, the Theni Project should be eligible for the Generation Based Incentive scheme that has recently been announced by the Government of India and as a result receive a further $.01 (INR 0.5) per kWh in revenue.

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