Renascent Power, a company owned by Tata Power (26%) and ICICI Bank (74%), has finalised the acquisition of 75.01% participation in Prayagraj Power Generation, an affiliate of Jaiprakash Power, which owns and operates a 1,980 MW supercritical power plant in the State of Uttar Pradesh for US$862m. Tata Power and ICICI Bank signed in November 2018 a Share Purchase Agreement (SPA) with a consortium of lenders led by State Bank of India (SBI) to finance the acquisition.
The Prayagraj 1,980 MW power plant includes three 660 MW supercritical units commissionned in 2015, 2016 and 2017. Even though it has fuel linkage and a power purchase agreement (PPA) with five distribution utilities of Uttar Pradesh tied up for 90% of its capacity, its utilisation levels have remained low due to non-availability of coal on account of lack of working capital facilities.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.