Malana II Hydro Electric Project

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The Malana II Hydro Electric Project was a 100 MW (2 units of 50 MW each) run-of-the-river project. The project was located in the Malana Nallah, a tributary of Parbati River in the Beas Basin, near the Malana village of Kullu District in the State of Himachal Pradesh. The project was being implemented by Everest Power Private Limited (EPPL). Everest Power Private Limited was owned by Asian Genco, Athena Infraprojects Pvt Ltd and Larsen & Tourbo. The project was awarded to EPPL in August 2001 by the Himachal Pradesh State Electricity Board (HPSEB), on build, own and operate basis (BOO) for a period of 40 years. In lieu of the surrender of potential site, the project was required to provide royalty to the Government of Himachal Pradesh (GoHP) in the form of free power to the extent of 12% of the energy generated from the project for the first 12 years and 18% of the energy generated for the remaining 28 years. EPPL signed a PPA with PTC India Limited (PTC), a majority privately-owned power trading firm, for the saleable power generated from this project. PTC in turn signed a PPA with Punjab State Electricity Board (PSEB) for sale of power from the project for a period of 40 years. The project was estimated to cost USD 149.5 million and achieved financial closure in August 2006. The project was expected to be commissioned in March 2009.