Ideal Energy Projects

From Global Energy Monitor

Ideal Energy Projects is a small private Indian company which is constructing a 270MW coal-fired power station at Bela, Nagpur in Maharashtra.[1] In 2009 it was reported that the company proposed to build a 270MW unit then float the company on the stock exchange with the expectation that additional units would be built subsequently. It also reported in October 2009 that the company expected approval for the second phase in about a month.[2]

In May 2011 it was reported that Ideal had completed negotiations with Bharat Heavy Electricals Ltd for the supply of a boiler-turbine-generator and with McNally Bharat Engineering Company for the supply of additional plant and engineering works. Reuters reported that Fitch Ratings were optimistic about the project following the completion of the contracts. Reuters reported that the contracts "coupled with the appointment of experienced technical advisors and personnel, should partly offset the sponsor's lack of an operating track record in the power sector. That said, given BHEL's overflowing order book position, a price variation (with a cap of 20%) clause in the EPC contracts and a meager contingency provision (below 3%), the timely completion of the project without cost overruns remains a challenge."[3]


Reuters reports that the founder of the firm is D.P. Mhaiskar and that he and his family are also founders of IRB Infrastructure Developers. It also reported in October 2009 that Mhaiskar owned a 50% percent stake in Ideal, with his son, J.D. Mhaiskar, being other other shareholder. Reuters reported that Ideal was aiming to sell a 30-35% stake in the project to an unnamed private investor.[2]


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Ideal Energy Projects

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