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%)
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