Universal Crescent Power Private Limited (UCPPL), a wholly-owned subsidiary of Singapore–based Universal Success Enterprises (USE), has entered into a long-term fuel supply agreement for 100 million tonnes of low sulphur environmentally friendly coal with PT Bayan Resources Tbk of Indonesia.
UCPPL would utilise the coal for its upcoming Saurashtra Super Thermal Power Project at Gujarat and Sagar Super Thermal Power Project in West Bengal, USE informed in a statement issued on Wednesday.
The company is putting up a 4000 megawatt (Mw) coal-based super-critical thermal power plant at Bhatvadiya in Jamnagar district in Gujarat and a 2000 Mw coal-based super-critical thermal power plant at Nayachar Island, near Haldia in West Bengal.
UCPPL has already tied up the balance coal supply for all the above upcoming projects from the reputed coal producer PT Bumi Resources Tbk of Indonesia and Noble Resources of Singapore. The whole of the quantity of coal required for UCPPL would be imported and also insulates the company from the coal supply volatility and uncertainty associated with Indian coal.
Company's Saurashtra Super Thermal Power Project is under implementation, and the Power Purchase Agreement (PPA) for part quantity of phase-I (2 x 660 MW) has already been executed. The financial closure of the projects is scheduled by March 2012, and talks are already in progress with various Indian and international financial institutions.
Meanwhile, West Bengal's Sagar Super Thermal Power Project is at an advanced stage of development. The company has signed PPA for 85 per cent of power to be generated from Stage I (2 x 660MW) has with West Bengal State Electricity Distribution Company Limited.
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The company further mentioned that it is also planning another 2000 Mw imported coal-based super-critical thermal power station at Dholera Special Investment Region (SIR) in Gujarat.
The company is setting up a 5000-acre multi-product Special Economic Zone (SEZ) and Japanese Township.
"The power generated would be primarily fed to industries coming up at the Dholera SIR. So far, USE group has committed more than Rs 1 lakh crore of investment in various infrastructure projects in the states of West Bengal and Gujarat," the company statement said.