Power India found that Madhucon Projects has signed a Power Purchase Agreement (PPA) with the Indonesian Government Power Utility PTPLN (PERSERO).
Madhucon, is currently setting up 1,920MW of power projects near Krishnapatnam in Andhra Pradesh, has won the bid to build the 300MW mine mouth coal fired steam power plant at Dawas in South Sumatra involving an investment of $410 million.
Of the project cost of around Rs 2,000 crore, Madhucon Projects will infuse Rs 325 crore as equity while the other group companies will invest Rs 125 crore wherein the project will be funded through a debt-equity of 75:25.
Madhucon’s chief financial officer S. Vaikuntanathan told that the company was given 12 months period to achieve financial closure for the Indonesian power project and another 36 months from then to commerce power generation.
The project, comprising two units of 150MW on build, operate and transfer (BOT) mode, will come up close to the existing coal mine of Madhucon’s Indonesian coal arm PT Madhucon Indonesia at Dawas.
The power project will use the coal mined from Madhucon’s South Sumatra coal mine, which is set to begin production during first half of this year, where it expects to mine around 5 lakh tonnes a year to begin with and take it to around 1.5 million tonne a year by 2014-end. In all, Madhucon has three coal mines in Indonesia with estimated reserves of around 1,500 million tonne.
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