Resurgent Power Ventures has been given the go ahead to acquire 75.01% by the lenders of Prayagraj Power Generation Company. Resurgent Power Ventures is Singapore based Joint Venture Company. Tata Power holds 26% stake in the company while the balance 74% is held by ICICI Bank and investors of international repute.
In a regulatory filing to BSE, Tata Power informed that the lenders of Prayagraj Power Generation Company Limited (PPGCL), a 3X660 MW coal-based power project based in Uttar Pradesn have issued a Letter of Intent to Resurgent Power Ventures Pte. Ltd., (Resurgent Power) for acquisition of 75.01% stake in PPGCL.
Prayagraj Power’s owns 1980 (3X660 MW) coal-based super-critical thermal power projects located in Uttar Pradesh. The company had signed Power Purchase Agreement (PPA) for sale of 90% power generated from the project with Uttar Pradesh distribution utilities with fuel cost pass-through.
@EPC World Media
