Resurgent Power Ventures awarded the Letter of Intent for 3X660 MW

The lenders of Prayagraj Power Generation Company Limited (PPGCL), a 3X660MW coal-based power project based in UP have issued a Letter of Intent to Resurgent Power Ventures Pte. Ltd., (Resurgent Power) for acquisition of 75.01%stake in PPGCL.

Resurgent Power is a Joint Venture based out of Singapore and is held 26% by Tata Power through its wholly owned Singapore based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank and investors of international repute.

Speaking on the development, Mr. Praveer Sinha, CEO & MD, Tata Power said “It’s our endeavor to maximize shareholder value through growth & sound investments. After our due diligence, we found that Prayagraj Power fits in our overall scheme of growth. It has all approvals and clearances in place along with long-term PPA and fuel supply agreement. It will be a value-adding asset in Resurgent Power’s portfolio.”

The transaction shall be subject to customary approvals and conditions.

Thermal Power Plants | News published on 29/08/2018 by Moulin

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