Question
What can be the maximum tenor of takeout finance by
IIFCL, as a percentage of the economic life of the project?Solution
The tenor of the Takeout Amount with IIFCL should not exceed 85% of the economic life of the project. In case of PPP projects approved by PPPAC/EC/EI which have provision of compulsory buyback by the authority on termination, IIFCL can remain as sole lender after other lenders are paid out. In case of non- PPP Electricity generation projects having long term power purchase agreements with state utilities for majority of its capacity, IIFCL can remain as sole lender after other lenders are paid out; however, the tenor of IIFCL Takeout should not exceed 85% of the economic life of the project. In case of such non –PPP projects where IIFCL offers takeout of tenor longer than tenor of existing lenders, IIFCL‟s risks be covered by seeking guarantees from the holding company or any other form of recourse.
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