Jharsuguda Ind-Barath power station

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Jharsuguda Ind-Barath power station is a proposed coal-fired power plant to be set up by Ind-Barath Energy (Utkal) Ltd., a subsidiary of Ind-Barath Power, in the state of Odisha, India.

Location

The project is shown below in Sahajbahal in Lakhanpur tehsil.

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Background

Phase I: 700 MW

Phase I of the plant consists of two 350 MW units. An environmental impact assessment of the project was completed in January 2009.

In 2011, Ind-Barath filed a draft prospectus to raise more than $200 million via an initial public offering (IPO). The IPO attempt failed "due to volatile market conditions."

In March, UK-based private equity firm 3i Group said that its India infrastructure fund was investing about $45 million for a minority share of Ind-Barath Energy (Utkal) Ltd.

In August 2011, a press report stated that the Ind-Barath company was seeking to raise Rs 1,000 crore through private equity, after shelving its IPO.

In December 2011, Reuters reported that Ind-Barath was in talks to raise about $150 million from TPG Capital and Apollo Global Management.

According to the Central Electricity Authority (September 2012), the project is under construction with the first unit expected to be commissioned in February 2013 and the second unit expected to be commissioned in May 2013.

On its website, Ind-Barath states it plans to commission the units by August 2014, later pushed to 2015.

Unit 1 was synchronized in June 2015. It was planned for commercial operation in July 2015, and unit 2 in October 2015. As of late 2015, the Ministry of Energy reported that full load for the plant was expected by the end of the year.

In December 2015, the company applied for extension of validity of Environment Clearance for the plant. In its application, the company said the first unit was ready and planned for commercial operation in January 2016. The Union Environment and Forest Ministry returned the application due to shortcomings in the application. The extension was granted in March 2016.

Unit 1 was commissioned in February 2016. Unit 2 was planned for August 2016. However, in July 2016, due to slow progress, completion was expected in March 2017. As of March 2017, commissioning was pushed back to November 2017 due to "Mainly financial constraints due to non disbursement of funds by financer." In November 2017, commissioning was pushed back to 2018. As of August 2018, the Ministry of Power lists unit 2 as "stressed" and offers no date for its completion.

Financing for Phase I

In March 2010, Ind-Barath Energy (Utkal) Ltd. entered into a loan agreement with a consortium of lenders. In total, the lenders agreed to provide Rs 23,890.00 million in loans as follows: Andhra Bank (US$15,659,343), Axis Bank (UD$13,626,820), Bank of India (US$15,659,343), Bank of Baroda (US$15,659,343), Corporation Bank (US$12,255,138), Jammu & Kashmir Bank (US$8,170,500), Karnataka Bank (US$8,170,500), Karur Vysya Bank (US$3,949,075), L&T Infrastructure Finance Company Limited (US$9,532,250), Punjab National Bank (US$24,511,500), UCO Bank (US$24,511,500), Union Bank of India (US$15,659,343), United Bank of India (US$8,170,500), and Power Finance Corporation Limited (US$149,795,386).

Phase II: 660 MW

In 2011, Ind-Barath Energy Utkal Ltd. entered into an MoU with the state government for setting up a new 660 MW super critical unit at Sahajbahal near Jharsuguda, at the site of phase I.

As of April 2015, Phase II has yet to receive environmental clearance, and appears to be deferred or abandoned.

Coal supply

In 2010, the company said it had received a letter of assurance from Mahanadi Coalfields for supply of 1.12 million tonnes per annum of Grade F coal towards a 250 MW power project.

In December 2015, the company said it was planning to source coal from the nearby Belpahar Coalfileds of Coal India subsidiary MCL.

Project Details

Sponsor: Ind-Barath Energy (Utkal) Ltd., a subsidiary of Ind-Barath Power
Location: Sahajbahal village, Lakhanpur tehsil, Jharsuguda district, Odisha
Coordinates: 21.6579417, 83.9195126 (exact)
Status:

• Phase I, Unit 1: Operating (2016)
• Phase I, Unit 2: Construction shelved (due to financial problems)
• Phase II: Cancelled

Capacity:

• Phase I: 2 x 350 MW
• Phase II: 660 MW

Type:
Start date: 2016 (Unit 1)
Coal: Belpahar Coalfileds
Estimated annual CO₂:
Source of financing: phase I: debt in the following amounts: Andhra Bank (US$15,659,343), Axis Bank (UD$13,626,820), Bank of India (US$15,659,343), Bank of Baroda (US$15,659,343), Corporation Bank (US$12,255,138), Jammu & Kashmir Bank (US$8,170,500), Karnataka Bank (US$8,170,500), Karur Vysya Bank (US$3,949,075), L&T Infrastructure Finance Company Limited (US$9,532,250), Punjab National Bank (US$24,511,500), UCO Bank (US$24,511,500), Union Bank of India (US$15,659,343), United Bank of India (US$8,170,500), and Power Finance Corporation Limited (US$149,795,386)
Permits and applications:

• Phase I: Environmental Clearance, India MoEF, Nov 30, 2009
• Phase I extension: Environmental Clearance extension of validity, India MoEFFCC, March 9, 2016
• Phase II: Terms of Reference, India MoEF, Feb 10, 2010

Resources and articles

Related GEM.wiki articles

• India and coal
• Proposed coal plants in India

References

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