First 270MW Unit of the Adhunik Thermal Power Plant Commissioned
Adhunik Power & Natural Resources Ltd (APNRL), power arm of Kolkata based Adhunik Group, commissioned the first 270MW unit of its 2 x270 MW coal fired thermal power plant today. APNRL is a step down subsidiary of the listed Adhunik Metaliks, the flagship company of the Adhunik Group.
The power plant was inaugurated by the Chief Minister, Govt of Jharkhand, Arjun Munda at a function in the Saraikela-Kharsawan district of Jharkhand.
APNRL has signed a MoU with the State Government of Jharkhand for 1080MW. In the first phase, 540 MW of generation capacity has been planned out of which the first unit of 270MW is being commissioned. The second unit of 270 MW is expected to be commissioned by last quarter of FY 2013.
APNRL has already signed Power Purchase Agreement (PPA) with the Jharkhand State Electricity Board, Power Trading Corporation, Tata Power Trading Company, and West Bengal State Electricity Distribution Company aggregating around 435 MW. The Company has been provided long term transmission open access and has executed Bulk Power Transmission Agreement with Power Grid for 450 MW.
The Company will operate this power project by utilizing coal from its captive mines at Ganeshpur non-coking coal block in the Latehar District of Jharkhand which is expected to be operation by Q2 FY 14. In the interim, i.e. until the commissioning of the Ganeshpur coal block, the Company has obtained tapering coal linkages from Coal India Limited (CIL). The company has also executed Fuel supply agreement in this respect and have started receiving coal under linkage.
The investment in the first phase of the project is Rs 3151.51 crore. The equity requirement is funded by IDFC, SBI Macquarie and Adhunik whereas a consortium of lenders led by State Bank of India have funded the debt requirement of the project.