Jayamkondam Power Project

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The Jayamkondam power project involves the construction and operation of a power complex in Tamil Nadu state. The project is divided into three phases; in each phase, a 500-MW lignite-fired unit will be constructed. The total cost of the project is estimated at US$ 1,285.6 million (Rs 60 billion). The first phase reached financial closure in the end of 2000, and it involves a total of US$ 814 million (Rs 38 billion) in investment. Closure was achieved with loans provided by IDBI and ICICI, and with the sponsors equity. Reliance Industries and the North American Coal Corp. are the main sponsors of the project, while Foster-Wheeler and CEPA (Southern Energy's subsidiary) are the other shareholders. A 30-year power purchase agreement has been signed with Tamil Nadu Electricity Board. Construction works on the first phase should start in Jan. 2001, and commercial operations are scheduled for 2003.