Jharsuguda Ind-Barath power station

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Jharsuguda Ind-Barath power station is a 350-megawatt (MW) coal-fired power station set up by Ind-Barath Energy (Utkal) Ltd., a subsidiary of JSW Energy, in the state of Odisha, India.

A second 350 MW unit is under development at the site. An additional proposed phase II was also presumed cancelled at the site.

Location

The project is shown below in Sahajbahal in Lakhanpur tehsil.

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Phase I: 700 MW

Phase I of the plant consisted 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 was 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 stated it planned 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 then granted in March 2016.

2016: Unit 1 commissioned

Unit 1 was commissioned in February 2016. Unit 2 was planned for August 2016.

Unit 2 delayed

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 listed unit 2 as "stressed" and offered no date for its completion.

The company was admitted to the Hyderabad bench of the National Company Law Tribunal (NCLT) under Insolvency & Bankruptcy Code (IBC) in 2018. In 2019, both JSW Energy and Vedanta were each hoping to acquire the insolvent firm. Business Standard reported the following: "IBEUL is almost entirely owned by Australia-based asset manager Macquarie Group which has over 99 percent stake in the company. Paradoxically, it was Macquarie which dragged IBEUL into NCLT in June 2018 owing to a delay in commissioning of the project. In 2015, Macquarie had lent Rs 750 crore to IBEUL against convertible bonds. Two years later, Macquarie is believed to have converted the debt instrument into equity, thus acquiring a majority ownership. IBEUL's promoters had contested Macquarie's petition in NCLT, arguing that the investor being a majority shareholder was not eligible to file for insolvency proceedings."

In 2021, government documents only listed the following about the project (unit 2): "Admitted to [National Company Law Tribunal] on 29.08.2018."

Project revival: JSW Energy Acquisition

The November 2022 Broad Status Report noted that the project was going to be revived.

In fact, in December 2022, JSW Energy said it had completed the acquisition of the 700 MW Ind-Barath Energy (Utkal) plant for Rs 1,047.60 crore through insolvency proceedings. The company would now hold 95% shares of Ind-Barath Energy (Utkal) Ltd and the secured financial creditors collectively would hold the balance 5%, as per the terms of the resolution plan. Consequent to this transaction, Ind-Barath Energy (Utkal) Ltd became a subsidiary of JSW Energy. Earlier, the company had intimated on July 26, 2022, that the NCLT Hyderabad had, vide order dated July 25, 2022, (NCLT Approval Order) approved the company's resolution plan submitted on October 3, 2019.

That month, the JSW Energy website noted "Unit-I had been commissioned in 2016 but is non-operational since then due to financial stress at Ind-Barath while Unit-II is yet to be commissioned," but that the Project was expected to be completely operational within the next 24 months.

2023 permitting process

In May 2023, M/s Ind-Barath Energy (Utkal) Ltd (IBEUL) (subsidiary of JSW Energy Ltd.) was seeking fresh Terms of Reference for expanding the plant from "1x350 MW to 2X350 MW."

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 had yet to receive environmental clearance, and appeared 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

Owner: Ind-Barath Energy (Utkal) Ltd.
Parent: JSW Energy
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
• 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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