JSW Energy on Monday said it has been declared successful bidder and has received letter of intent (LOI) from the Resolution Professional for its resolution plan submitted for KSK Mahanadi Power Company (KMPCL) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016.
JSW Energy emerged as the highest bidder for KMPCL, offering `15,985 crore to financial creditors, surpassing Adani Power in an auction concluded in October last year, report had said earlier.
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KMPCL owns a 3,600 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 remaining 1,200 MW. The plant has a firm arrangement for water and coal transportation for the entire 3,600 MW.
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Subsequent to this, the company’s total locked-in thermal generation capacity stands at 7.5 GW and total locked-in generation capacity stands at 28.2 GW. This positions JSW Energy to achieve its target of 20 GW significantly before 2030 and is committed to a net zero target by 2050, the company said.
Sharad Mahendra, joint managing director and CEO of JSW Energy, said: “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.”
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