Spark Green Energy (Ahmednagar) Private Limited (SGEAPL), a special purpose vehicle set up by Chawla group, is likely to commission its 25 MW biomass based power project in Ahmednagar, Maharashtra soon. The project cost was initially estimated at Rs. 141 crore to be funded through term loans of Rs. 91 crore and equity contribution of Rs. 50 crore. BEST Undertaking has contributed Rs. 30 crore as interest free deposits to partially meet the equity requirements of the project. The company has tied-up the Energy Purchase Agreement (EPA) for the project with BEST at discounted tariff rates in lieu of the interest free deposits provided by the latter. The power plant would be utilizing mainly cane trash from its adjoining area as fuel.
