The Indian company JSW Energy has received approval, under the form of a Letter of Intent (LoI), from the Committee of Creditors to acquire a 3.6 GW coal-fired thermal power plant in Chhattisgarh, central India. JSW will acquire the power plant from its current owner KSK Mahanadi Power Company for a consideration of INR159.8bn (US$1.8bn).
The operational segment of the power plant comprises three 600 MW units with a combined capacity of 1.8 GW, which are 95% secured under long and medium-term power purchase agreements (PPAs). The remaining 1.8 GW is under construction, with 600 MW complete and the balance of plant ready for the final 1.2 GW.
The purchase is expected to boost JSW Energy’s thermal generation capacity to 7.5 GW and its total capacity to 28.2 GW. The acquisition is part of the company’s resolution plan under the corporate insolvency process of the Insolvency and Bankruptcy Code 2016.
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