Karuppur Combined Cycle Power Plant

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Aban Power Company Limited (APCL) developed a 120 MW natural gas based combined cycle power plant on build, own and operate (BOO) basis at Karuppur village, in Thanjavur (or Tanjore) district of Tamil Nadu. APCL committed to supply all the power to Tamil Nadu Electricity Board (TNEB) under a 15 year power purchase agreement, signed in September 2003. TNEB awarded the power plant to increase the generation capacity and alleviate the severe power shortage in the state of Tamil Nadu. APCL won the power project through an international competitive tender held by TNEB. APCL was initially a joint venture between Lanco group (74 percent) and Aban Group (26 percent). In June 2004, Malaysian Genting Group, acquired 35 percent of APCL for Rs 4,900 lakhs (US$ million). Other foreign investors that acquired stake in APCL include, Third Millennium Investments, Mauritius (0.3%) and Century Investments, Mauritius (26%). The project achieved financial closure in September 2003. The cost of the project was estimated at Rs 43,940 lakhs (US $ 94.33 million). The project was scheduled to be commissioned by December 2004.