Suryachakra, China firm in pact for power project

Suryachakra Power Corporation (SPCL), a Hyderabad-based independent power producer, has entered into an MoU with China Guodian Corporation (CGC) for a proposed 1,200 MW coal-based power project.

It may be recalled that SPCL had announced plans to set up a 1,200 MW (in four phases of 300 MW each) coal-based power plant in Orissa, Chattisgarh or some other location in India.

Besides the agreement with CGC, Suryachakra Power has entered into a sales and purchase agreement with Indonesia-based coal mining and power plant company, Central Korporindo International Tbk, for coal commodity trading, a company release issued today said.

"The company has also got a no objection certificate (NOC) for establishing coal washery rejects-based power generation project of 2x35 MW in Chhattisgarh, from the state renewable energy development agency on November 2, 2007. The industrial finance branch of SBI had in-principle agreed to consider term loan," the release added.

CGC, one of the five largest nationwide power generation groups of China, has power plants in every state of China with a total controllable installed capacity of 44,450 MW. It has total generation assets worth more than $20 billion.