NSL Tidong Power Generation Private Limited (NTPGL)

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NSL Tidong Power Generation Private Limited (NTPGL) was created to implement and operate a 100 MW run of river Hydropower plant on Tidong Rive (a tributary of Sutlej River) in the Kinnaur District of Himachal Pradesh. (The project consisted of two units of 50 MW each. The project is situated 270 km from Shimla on National Highway 22 upto a place near Moorang and thereafter 13 km on state road upto village Thangi NSL Tidong Power Generation Private Limited (NTPGL) was a Special Purpose Vehicle (SPV) owned by Nuziveedu Group Nuziveedu group (74%) through its company Nuziveedu Seeds Private Limited (NSL) and the state-owned Industrial Finance Corporation of India (IFCI) (26%). Due to internal restructuring, the share holding of NTPGL will be transferred to a holding company named NSL Renewable Power Private Limited (NRPPL). Nuziveedu won a concession to develop Tidong 1 in a solicitation by the Himachal Pradesh State Electricity Board. The project was tender with two other hydropower plants the 60MW Sorang project won by Himachal Sorang Power and the 70MW Budhil project won by Lanco Green Power. From the three hydro power plants, Himachal Pradesh state was to get 118 million units of power per year free of cost during the first 12 years and 176 million units per year during the next 28 years. The rest of the electricity was to be sold on merchant basis. Under the Memorandum of Understanding (MOU) with the Government of Himachal Pradesh (GoHP), the project was awarded to Nuziveedu Group in September 2004 on BOOT basis for a period of 40 years from commercial date of operations. The company submitted the DPR on 11.11.2005. The Government signed the Implementation Agreement with company on 28.7.2006 The Project cost estimated at Rs 6.5600 billion (US$143.5 million). The project achieved financial close in November 2010 with a debt/equity ratio of 70:30. Financing comprised Rs4.59 billion of debt arranged by Axis Bank and Rs1.97 billion of equity. The company expected to commission the power project by December 2013. http://staging.icralife.com/files/PDF/Pressreleases/Aug%2016,%202010-NSL%20Tidong%20Power%20Gener.pdf;