Korea South-East Power Company today signed an initial agreement with the Indian firm Jinbhuvish Power Generations for setting up a thermal power project in Maharashtra at an investment of Rs 3,450 crore.
Jinbhuvish Power Generations signed a Memorandum of Understanding (MoU) with the Korea South-East Power Company (KOSEP) for setting up a 600 MW thermal power project at Yavatmal in Maharashtra, an official statement said.
KOSEP, a subsidiary of government-owned Korea Electric Power Corporation, is 40 per cent stakeholder in the project worth Rs 3,450 crore, the statement said.
The debt-financing of the project will be done by PTC India Financial Services.
"We have also signed a MoU with KOSEP for long term, short term loan facilities," Deepak Amitabh, Chairman, PTC India Financial Services said here.
Other lenders of the project are Rural Electrification Corporation, Power Finance Corporation and IIFCL.
The project will be operational by 2016. All the major clearances and approvals for the project have already been received, the statement added.
"We are highly optimistic with this international collaboration with KOSEP. This thermal power plant will bring progress and prosperity to the Yavatmal, on of the economically backward districts in Vidarbha region of Maharashtra," Manish Mehta, Chairman, Jinbhuvish Power Generations said.
