Gayatri Projects today announced that Sembcorp Utilities Pte has infused first tranche of Rs 364 crore for a 49% stake in its power project JV Thermal Powertech Corporation India (TPCIL).
TPCIL, a joint venture between Gayatri Energy Ventures (GEVL) and Sembcorp’s wholly-owned utilities business, is set to build, own and operate a 1,320 megawatts (2 units of 660 megawatts) coal-fired power plant using high efficiency supercritical technology, located in Krishnapatnam, Andhra Pradesh.
TPCIL has already achieved the financial closure and has signed definitive agreements with the lenders for a debt of Rs 5,151 crore. It has also started construction of its power facility in Krishnapatnam. Commercial operations of the facility are expected to be commenced in the next 36 months.
The plant will be operated and maintained by Gayatri, Sembcorp O&M Company, a separate operations and maintenance company incorporated for this purpose. The company is planning to expand its capacity in the same location by a further 1320 MW in Phase II, thus taking the total capacity to 2640 MW.