JV Thermal Powertech Corporation India Limited (TPCIL) setting up 1320 MW (phase I) power project at Krishnapatnam
Thermal Powertech Corporation India Limited has achieved Financial Closure for its 1320MW super critical thermal power project coming up at Krishnapatnam. The Company is a JV formed by and between Gayatri Energy Ventures Pvt Limited, a subsidiary of Gayatri Projects Ltd, the Hyderabad-based leading Infrastructure Company and Sembcorp Utilities Pte Ltd, a wholly owned subsidiary of Sembcorp Industries Ltd., for setting up of 2 X 660 MW (Phase I)supercritical technology based thermal power plant at Krishnapatnam in Andhra Pradesh.
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.
The Company is executing Phase I of the project (2 X 660 MW) at a total outlay of Rs 6869 Crores, to be funded through Rs.5151 Crores of debt and Rs.1718 Crores of Equity. Domestic Institutions and banks such as Rural Electrification Corporation (REC), Power Finance Corporation (PFC), Punjab National Bank (PNB), LIC, United Bank of India (UBI), Bank of Baroda (BoB), Syndicate Bank (SB), Oriental Bank of Commerce (OBC), PTC India Financial Services Limited (PFS) etc. are extending debt for the project. Total land of 1408 Acres, required for both the phases of 2640 MW has been acquired from APIIC. The project has obtained key approvals and has since started construction at the site. The orders for major equipment have already been placed and the plant is expected to be operational by mid 2013, with gap of 3 to 4 months in commissioning of the two units of 660 MW each.
The Company has received Letter of Assurance (LoA) from Mahanadi Coal Fields (MCL) for domestic coal for 70% of its coal requirements and balance coal will be from imported source.
Capital Fortunes Private Limited is the project financial advisor appointed by Project Company and the sole arranger for project financing with the domestic financial institutions and banks as well as to arrange the participation of the foreign investor in the project. This is one of the largest syndication deals in the country by a sole arranger, with total fund of over Rs.6300 Crores.
About Gayatri Projects:
The company, founded four decades ago, has been engaged in various infrastructure activities in Andhra Pradesh, Assam, Uttar Pradesh, Madhya Pradesh, Karnataka, Gujarat, Maharashtra and Orissa. Among the projects are national and state highways, dams, reservoirs, ash ponds and major canal works. The company’s present order book value is over Rs 7,000crore (Seven Thousand Crores)
About Sembcorp Industries:
Sembcorp Industries is a leading energy, water and marine group operating in 17 countries across six continents worldwide. With facilities with 5,600 megawatts of gross power capacity and over six million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to both industrial and municipal customers. It is also a world leader in marine & offshore engineering, as well as an established environmental services provider and developer of integrated townships and industrial parks.
The Group has total assets of over S$9 billion and employs over 9,000 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index and several MSCI indices.
