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Torrent Power TPGL
Overview |
Torrent Power Generation Limited (TPGL)
TPGL is a special purpose vehicle floated by the Torrent Group to
set up SUGEN 1147.5 MW CCPP
Location
The plant is coming up at village Akhakhol, district Surat, Gujarat
state, India. The plant is strategically located in close proximity
to all required infrastructure and facilities i.e. National Highway,
Broad Gauge Railway Line, River, LNG terminals, gas transmission
pipelines and the power transmission lines
Project Investment & Financing
The project, being set up with an investment of Rs. 3096 crore,
to be funded on a debt-equity ratio of 70:30 with an equity base
of Rs. 929 crore. Torrent Group, the main promoters of the project,
will subscribe to 60% of the equity of the project. The Group has
already invested Rs. 281 crore towards its equity contribution i.e.
50% of its equity commitment
ADB’s (Asian Development Bank) Board has approved 10% equity
participation in the project. The balance 30% equity is expected
from strategic partners
The project has already achieved financial closure in September
2004 and agreements have been signed with a consortium of financial
institutions led by Infrastructure Development Finance Company Ltd.
(IDFC) to provide Rs. 2167 crore in the form of long term loans.
Other participants of the consortium include Industrial Development
Bank of India Limited, Power Finance Corporation Limited, Canara
Bank, UCO Bank and Punjab National Bank
Project Infrastructure
Necessary infrastructure for setting up the project is under various
stages of construction and progressing at a brisk speed. A total
area of 346 acres of land has already been acquired. The construction
of the intake well, approach road, boundary wall, site office and
water reservoir is completed. The construction of water pipeline
from intake well to plant site is in progress and the balance non-EPC
works are in advanced stages of planning
Power Evacuation Arrangements
Evacuation plans are under finalisation. 400/220 kV switchyard with
two main bus and one transfer bus scheme would provide for continuous
evacuation of power
Power Purchase Agreements (PPAs) have been signed for substantial
output of power with The Ahmedabad Electricity Company Limited and
The Surat Electricity Company Limited, the two main off takers of
TPGL’s power. A Memorandum of Understanding (MoU) has been
signed with Power Trading Corporation (PTC) for off taking the balance
power for inter-state sale
EPC
Bids have been invited from various players through the international
competitive bidding process for selection of the EPC contractor.
The bidders include global leaders like Siemens AG of Germany and
Alstom Power of Switzerland. The bid evaluation has been completed
and the EPC contract has been discussed and finalized
Environmental Initiatives
TPGL will be a green project at all its stages of commissioning.
Extra care has been taken of the trees existing in the area through
transplantation technology to preserve the existing flora of the
region. Two green belts covering an area of 2,70,000 sq. mtr. is
under development along the site periphery and the approach road.
The Environmental Management Plan (EMP) has found ADB’s acceptance
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