Athena Energy Ventures Pvt Ltd, a joint venture between Power Trading Corp, Hyderabad-based Athena Projects Pvt Ltd and IDFC, is setting up a 1,320-mw coal-fired power plant.
Project to come up by 2012; firm has initiated the tendering process for EPC work
MUMBAI: Athena Energy Ventures Pvt Ltd, a joint venture between Power Trading Corp, Hyderabad-based Athena Projects Pvt Ltd and IDFC, is setting up a 1,320-mw coal-fired power plant at Bhavanapadu in Andhra Pradesh.
The company has recently initiated the tendering process for the engineering, procurement and construction (EPC) work for the project.
“We are currently in the project development stage, so it’s too early to provide details,” a company official, who did not want to be named, said. Athena Energy will implement the project under its subsidiary - East Coast Energy Pvt Ltd.
Phase I, where the company will commission the power plant with an investment of Rs 5,300 crore, will be completed by March 31, 2012. “Under phase II, we will add another 1320 mw to the plant,” the official said.
The company official said Athena Energy has applied for various land and environment clearances and expects them to be in place in 2-3 months. He said New Delhi-based Energy Infratech has been appointed as a consultant for the project.
Energy Infratech has roped in private equity investor Zeus Infra Management for tying up the finances. A source from New Delhi who is close to the project, said, not much development has taken place on the financing front. “The company will soon approach various banks for funds,” the source said.
The project is likely to be funded through a debt-equity ratio of 80:20. “Once the detailed project report (DPR) is ready, the company will be able to unveil some specific details on the project,” the source said.
Athena Energy Ventures is also implementing another 1200 mw power plant in Chhattisgarh, which will also come up by 2012. The company is also setting up a 1700 mw hydro power plant in Arunachal Pradesh.
As part of its long-term plans, Athena Energy Ventures plans to add 10,000 mw by 2015. The Hyderabad-based company holds 52% in the joint venture formed in September 2007 with PTC holding 20% and IDFC holding 28% in the JV company.
m_promit@dnaindia.net
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}