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Web Exclusive | February 2018

GVK Power inks supplementary PPA with Punjab bod

GVK Power & Infrastructure Ltd has signed a Supplementary Power Purchase Agreement with the Punjab State Power Corporation Ltd, for its project located at Tarn Taran in Punjab. This comes in the backdrop of GVK Power (Goindwal Sahib) Ltd, a subsidiary of GVK Power, receiving a letter of award for long term coal linkage for the power plant, which was earlier impacted due to lack of fuel. The company had received approval from Coal India Ltd, declaring it as the provisional successful bidder for award of coal from CCL (G11) and Korea Rewa under the Shakti Scheme, 2017, of the Union government. This will pave way for power generation at the 2x270 MW thermal power plant situated in Goindwal Sahib district of Punjab and also boost cash flows for the company. The plant was stranded even though it was commissioned due to lack of fuel supply. The coal allocation made to the company for the project from the Tokisud mine in Jharkhand was cancelled by the government after the Supreme Court order cancelling all coal block allocations. While GVK had inked a power purchase agreement with Punjab State Power Corporation Ltd for 25 years, it was not able to start operations due to lack of fuel linkage. The project’s two units were commissioned in 2016-17
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