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Lesson
The hedging policy approved at appraisal did not reflect the foreign exchange hedging instruments available in the local market. When exchange rates deteriorated, the hedging policy and the required sponsor support needed to be renegotiated. It is fairly usual to have rolling foreign exchange hedging requirements, rather than the life-of-loan program that was originally documented, and better investigation of the likely options that would be available to the project could have reduced the work required to adapt to the situation as it arose.

Project Number: 45915-014
Project Name: Dahanu Solar Power Project
Report Date:
Lesson
RPL is a strong company with extensive resources, enabling it to quickly identify appropriate technology, supervise quality construction, and be a good corporate partner within the communities it serves. To meet the requirements of CERC’s tariff regulations, RPL needed to develop and construct a project in a short period of time that would withstand the local climate conditions. The project’s performance above expectations is due to RPL’s decisions about technology, design, and construction quality.

Project Number: 45915-014
Project Name: Dahanu Solar Power Project
Report Date:
Lesson
ADB’s long-term focus on energy sector development in India has supported all aspects of the improving energy situation in the country. Work done by ADB has contributed to policy changes, new infrastructure, and increased private sector participation in the delivery of electricity to end-users. Established knowledge of the local situation, and particular focus on renewable energy enabled ADB to respond quickly to the policy changes supporting solar power and provide timely support to an important client to deliver the first utility-scale solar PV plant in India.

Project Number: 45915-014
Project Name: Dahanu Solar Power Project
Report Date:
Lesson
The DSPP entity undertook non-operational decisions relating to the company name and accounting practices without gaining the required approvals from the lenders before implementing the decisions. While these matters have been satisfactorily explained subsequently, they raise concerns for lenders seeking to confirm that the project entity is being managed in accordance with the requirements of the loan documents; significant time is expended to work through these issues as they are discovered.

Project Number: 45915-014
Project Name: Dahanu Solar Power Project
Report Date: