Malana Hydro Electric Power Plant

active

Malana Power Company Limited (MPCL), promoted by the LNJ bhilwara group, set up a 86 MW Greenfield merchant hydel power plant at Malana in Himachal Pradesh. The project was approved by Himachal Pradesh state government and Himachal Pradesh state electricity board. The project was commissioned in July 2001 and MPCL signed a rolling power purchase agreement with PTC India Limited, a public-private company that provided power trading solutions in India, for inter state sales. The project cost Rs 35,000 lakhs (US$ 77.88 million) and achieved financial closure in 2000. A consortium of banks and financial institutions led by Industrial Finance Corporation of India (US$ 16.67 million) and Power Finance Corporation (US$ 21.1 million) financed the debt of Rs 24,500 lakhs (US$ 54.4 million). The balance came as equity from the LNJ Bhilwara Group. In October 2004, Norway’s energy sector investment firm Statkraft Norfund Power Invest (SN Power) acquired 49 percent equity stake in MPCL for US$ 45 million