Tata Power and ICICI Ventures backed Resurgent Power has announced acquiring 75.01 per cent stake in Jaiprakash Associates’ 1980-Mw Bara plant, becoming the first of the stressed power plants to have been resolved by lenders outside insolvency court.
The lenders of Prayagraj Power Generation Company Limited (PPGCL), a 3X660MW coal-based power project based in UP have issued a Letter of Intent to Resurgent Power Ventures Pte. Ltd., for acquisition of 75.01% stake in PPGCL.
Resurgent Power is a Joint Venture based out of Singapore and is held 26 per cent by Tata Power through its wholly owned Singapore based subsidiary, said a company statement adding that the balance 74 per cent of Resurgent Power is held by ICICI Bank and investors of international repute.
Tata Power CEO and MD Praveer Sinha said in a statement: “We found that Prayagraj Power fits in our overall scheme of growth. It has all approvals and clearances in place along with long-term PPA (power purchase agreement) and fuel supply agreement.
“It will be a value-adding asset in Resurgent Power’s portfolio,” he added.
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