PTC India Financial Services has invited renewed bids for the 300 MW Panan Hydropower Project. According to a BusinessLine report, PIC has done this as Himagiri Hydro Energy, which was awarded the project, has not been able to achieve financial closure.
Quoting sources, the report said Hyderabad-based Himagiri Hydro Energy was awarded the $383-million Panan project in 2005. The implementation agreement with the Sikkim state government lapsed on September 7, it added.
The Sikkim Government is to infuse 26 per cent equity in the joint venture project, which proposes to construct a dam across the Rangyongchu river, at the foot of Lingzya village in North Sikkim.
The last date for bid submission for the project is October 9, the report said and quoted market watchers as saying that financial closure could not be achieved on account of the strong opposition from the locals in Dzongu, where the project is slated to come up.
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