VISA Raigarh Power Project Phase I

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VISA Raigarh Power Project consisted of a 1,200 MW (2x600 MW) coal based thermal Power Plant near Deveri and Dumarpali village of Raigarh district, Chhattisgarh. Raigarh Thermal Power Project, which involved construction and operation of two units of 600 MW, was designed to be pulverised coal fired thermal power project based on Sub-critical boiler parameters. Land around 780 acres was been identified Dumarpalli and Deveri village. The site was approximately 20 kms away from Raigarh. The nearest railway station wa at Bhupdeopur. The proposed site is located 5 km away from the National Highway 200. The nearest airport was Raipur (250 km away). The project was developed by VISA Power Limited, a subsidiary of Visa Group. VISA Power signed an MOU with the Government of Chhattisgarh in 2007 for setting up of a 1,200 MW (2x600 MW) coal based Independent Power Plant near Deveri and Dumarpali. The project obtained Allotted 99.12 million MT of coal from Fatehpur East Coal Block. Electricity out from this plant would be supplied to Chhattisgarh State Power Distribution Company Limited, Tata Power Trading Corporation Limited and balance to distribution licensees and industrial consumers in Maharashtra, Gujarat and other power-deficit states in the Northern and Western parts of India. In September 2010 Visa Power awarded the EPC contract to BHEL, including design, engineering, manufacture, supply, erection, testing and commissioning of boilers, steam turbines and generators, along with controls and instrumentation besides associated auxiliaries. Construction of the project began on October 1, 2009 and was expected to be completed on March 31, 2013. The first unit of 600MW is expected to be completed within the period of 36 months from the date of Financial Closure, while the complete plant shall be under commercial operation within 42 months. Estimated project cost of the 1,200 MWW was INR 62 billion (US$1356 million). The first phase of the project (600 MW) was estimated to be INR 26.19 billion (US$573 million). The first phase reached financial closure in March 2010. Financing comprised Rs19.64bn 14-years and 5months term loan and Rs6.55bn equity. The debt was arranged by SBI.