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Business Economy


JSW Energy receives LoI for its resolution plan for KSK Mahanadi Power

New Delhi, Jan 13 (UNI) JSW Energy on Monday said that it has received letter of intent (LoI) for its resolution plan submitted for KSK Mahanadi Power Company Ltd (KMPCL) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016.
"This follows the approval by the Committee of Creditors, with the closure of the transaction subject to the necessary regulatory approvals from the National Company Law Tribunal and the Competition Commission of India," JSW Energy said in a media release.
KMPCL owns a 3,600 megawatt (MW) thermal power plant, utilising domestic coal and located in the state of Chhattisgarh. Presently, 1,800 MW (600 MW x 3 units) is operational which is 95% tied-up under long and medium-term power purchase agreements.
An additional 1,800 MW (600 MW x 3 units) is under-construction out of which one unit (600 MW) is 40% completed and balance of plant is in place for the remaining 1,200 MW. The plant has a firm arrangement for water and coal transportation for the entire 3,600 MW.
Subsequent to acquisition of KMPCL, JSW Energy's total locked-in thermal generation would go up to 7.5 gigawatt (GW) and total locked-in generation capacity stands at 28.2 GW.
"This strategic move positions us to address the increasing energy needs of our nation through a diversified energy mix, integrating both conventional and renewable sources. Strategically located near a coal block, the plant boasts PPA tie-ups and efficient operations, ensuring a reliable power supply. As we move forward, we will continue to explore new opportunities and strive to remain at
the forefront of the energy sector," said Sharad Mahendra, Joint Managing Director and CEO of
JSW Energy.
UNI NK BM
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