JSW Energy, the energy branch of the Indian conglomerate JSW, has reached a INR53.2bn (US$745m) deal with GMR Energy to acquire its subsidiary GMR Kamalanga, which owns and operates a 1,050 MW (3x350 MW) subcritical coal-fired power plant in the State of Odisha (eastern India). The two parties started exclusive negotiations over a potential buyout of GMR Kamalanga in October 2019. No indications over the tentative closure date of the transaction have been announced.
GMR Kamalanga Energy’s power plant benefits from a strategic location near the coal belt and has 15% untied capacity to take advantage of the merchant market. The plant is supplied by Mahanadi Coal Fields (MCL), a subsidiary of Coal India Limited (CIL), and has a long-term power purchase agreement (PPA) with GRIDCO (Odisha), Uttar Haryana Bijli Vitran Nigam, (UHBVNL) and the Bihar State Electricity Board.
JSW Energy’s generation capacity reached 4,541 MW at the end of 2018, with nearly 70% of thermal power (3,140 MW) and 30% of hydro power (1,391 MW). In July 2019, it suspended the US$940m planned acquisition of a 1 GW coal-fired subcritical power plant in Raigarh, Chhattisgarh (India) from Jindal Steel and Power (JSPL).
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