SV Power Private Limited

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In July 2006, Chhattisgarh State Electricity Board (CSEB) approved the development of a 63 MW coal dust based power plant in Korba district of Chhattisgarh state by SV Power Private Limited (SVPPL) on build-own-operate basis. SVPPL entered into a power purchase agreement (PPA) with Reliance Energy Trading Limited (RETL) for the sale of 60MW of power generated from the Phase I plant. This power project was a result of coal discovery - over a dozen opencast coalmines - in the Korba district by South Eastern Coalfield Ltd, a subsidiary of Coal India Ltd. SVPPL planned to set up coal washery units and use their dusts for the plant. SVPPL was a subsidiary of Andhra Pradesh based KVK Energy Limited. The project was estimated to cost US$ 97 million (INR 4.4 billion). The project reached financial closure in November 2006. Construction on the project began soon after financial closure and was scheduled for completion in December 2008.