India Power Corporation commissioned a solar power plant of 36 MegaWatt (MW) in Uttarakhand investing Rs 22.5 crore.
This follows its successful acquisition of 1,000 MW thermal power plant of Meenakshi Energy, owned by the French power giant ENGIE, the company said in a statement.
According to the statement, the joint venture between one of the largest German power utilities, Uniper, and India Power has started its operations with the management of power plants.
Along with the commissioning of 150 MW unit of the 450 MW at the company’s Haldia plant, lower T&D losses and improving profitability are expected to result in a multi-fold growth. India Power’s business tends to maximise shareholders’ value in the process, it said.
The consolidated estimated enterprise and asset value of India Power are now close to Rs 1500 billion and with a combined debt of around Rs 600 billion, the company is now one of the less leveraged power generation and utility companies in the country.
India Power is also setting up a 450-MW (150 MW x 3) power plant in Haldia of West Bengal. The first unit has been commissioned, the second unit will start in 2017-18 and the final one by the end of next financial year. The investment is around Rs 350 billion.
By Baishakhi Dutta
