A loan agreement of $180 mn (Rs 845 cr approx) was signed on December 17 at New Delhi between the World Bank and the Government of India under the Coal Fired Generation Rehabilitation Project, for the Renovation and Modernisation (R&M) of coal fired generating units located in the states of Haryana, Maharashtra and West Bengal.
Haryana Power Generation Corporation (HPGCL) MD Sanjeev Kaushal said the World Bank – Global Environment Facility (GEF) assisted Coal Fired Generation Rehabilitation Project aimed to rehabilitate and modernise 110 Mw units 3 and 4 of Panipat thermal power plant.
He added that for this purpose, a project agreement was simultaneously signed between the World Bank, the Government of Haryana and HPGCL. The project agreement was signed by the Resident Financial Commissioner, Government of Haryana P K Mahapatra on behalf of the state government and director, finance (HPGCL) Mohinder Singh on behalf of HPGCL.
He also said the loan comprised of $103.7 mn (Rs 500 cr approx), out of which the equity of the state government was $26.9 mn (Rs 122 cr approx) and GEF grant of $14.8 mn (Rs 65 cr approx) with maturity period of 30 years.
Kaushal said besides reduction in carbon emissions, the R&M under Coal Fired Generation Rehabilitation Project shall also support efforts to control particulate emissions and improve water treatment and ash disposal at these plants leading to better environment.