Indian state-run power company NTPC (National Thermal Power Corporation) has secured a US$1.5bn loan from Power Finance Corporation, a state-run lender in India, and its subsidiary REC, for the completion of the second phase of the Patratu expansion project (2x800MW) in the Ramgarh district of Jharkhand (India).
The Patratu expansion project is located near the former 770 MW Patratu coal-fired power plant (shut down in 2016 and 2017) and is developed in two phases of 3x800 MW and 2x800MW. In March 2018, Indian engineering and manufacturing company Bharat Heavy Electricals (BHEL) won a RUP11,700 crore (US$1.7bn) engineering, procurement and construction (EPC) contract for the construction of the first phase (3x800 MW), which is due for commissioning in 2022-2023. This US$2.1bn supercritical coal-fired power plant project will be operated by Patratu Vidyut Utpadan Nigam Ltd (PVUNL), a special purpose company, set by NTPC (74%) and distribution company Jharkhand Bidyut Vitaran Nigam Ltd. (JBVNL, Jharkhand government, 26%).
Part of the coal supply will be covered by the Pakri Barwadih coal mine, also located in Jharkhand, where NTPC has just started coal production. This will help NTPC replace expensive imported coal with domestic production and feed the Patratu project. Power generation will be primarily sold to Jharkhand (85%) with the remaining 15% sold to other Indian states.
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