SRM Energy plans to set up a 2,000 MW power plant in Tamil Nadu. The project is valued at $1.4 billion, for which the company has signed a Letter of Intent (LOI) with China Datang Technologies & Engineering Co Ltd (CDTE).
According to a company release, the proposed coal-based thermal power project will come up at Cuddalore in the state. CDTE is a specialised engineering corporation and EPC contractor in China and a subsidiary of China Datang Corporation, the largest power utility in China, has been awarded the LoI for for supply of three thermal power units of 660 MW each based on Super Critical Technology on turnkey EPC basis at a value of $ 1.4 billion.
SRM Energy has also signed a tripartite MoU with the Industrial and Commercial Bank of China (ICBC) and CDTE for export buyers credit for the power project. The company expects the plant to be complete in 51 months with the first unit to be commissioned within 39 months.
CDTE vice president Wu Deren was quoted as saying the company sees a lot of potential in the Indian power sector. ICBC general manager (banking) Jiang Tao, said that this was an excellent opportunity for ICBC to explore the Indian market.
