Nasik RattanIndia Thermal Power Project

From Global Energy Monitor

Nasik RattanIndia Thermal Power Project is a 1,350-megawatt (MW) coal-fired power station in Maharashtra, India.

Plans for a phase II of 1,350 MW were abandoned.


The undated satellite photo below shows the power station, located about 6 km east of Sinnar in Nasik district.

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The power station was being developed in two phases by Indiabulls Power (later known as RattanIndia Nasik Power) in Sinnar, Nasik district. Phase I would be 1,350 MW (5 x 270 MW) and Phase II: 1,350 MW (5 x 270 MW).

In 2011, the company stated that "coal linkage has been granted and letters of assurance from South Eastern Coalfields Ltd. (SECL), Western Coalfields Ltd. (WCL) and Mahanadi Coalfields Ltd. (MCL) have been issued."[1] The company also stated that the project had achieved financial closure and that "construction is in full swing."[2]

According to the September 2013 report of the Central Electricity Authority, construction had slipped significantly, with estimated completion of Phase I expected expected during 2014 and 2015. As for Phase II, the report no longer lists the project as under construction.[3][4]

In November 2014, it was reported that the full phase I of the Nashik plant was ready for commissioning but had not done so due to want of coal. Phase II was on hold.[5][6]

According to the February 2015 report of the Central Electricity Authority, Unit 1 was commissioned in 2014.[7] Unit 2 is planned for June 2016. Units 3-5 are planned for 2017. Phase II is "on hold" since May 2012.[8]

According to a progress report in March 2015 by RattanIndia, a long term PPA for 650 MW of the power station was signed with MSEDCL in 2012, and another PPA for 300 MW had been finalized with BEST, Mumbai, and was expected to be signed shortly. On rail, the report says "The coal for Nashik TPP is to be transported from the coal mines through Railway rakes up to Odha Railway Station near Nashik on Mumbai-Howrah section and thereafter to the Project site by 29 km long dedicated Railway Siding. The land for Railway Siding is being acquired by MIDC. Order for land acquisition has been done. Land acquisition is in progress. 240 Acres (55%) land has been acquired so far."[9]

In May 2015, RattanIndia asked for an extension of its environmental clearance (EC) for phase I, saying the project had been held up due to problems around securing land for rail, water, and transmission, and difficulties securing a PPA.[10] A new EC was granted in February 2016.[11]

According to the July 2016 broad status report, synchronization of unit 2 was achieved in March 2016, and full operation was expected by June.[12]

Unit 2 was commissioned in February 2017, Unit 3 was commissioned in April 2017, and Units 4-5 were commissioned in May 2017.[13][14]

In 2022, RattanIndia Power said it expected to become debt-free in nearly two years.[15][16]

Financing for Phase I

In June 2010, a financing agreement for Phase I was closed. US$1,095.48 million in loans was provided by Axis Bank, Bank of India, Power Finance Corporation, Syndicate Bank, Life Insurance Corporation of India, Rural Electrification Corporation, and United Bank of India. Axis Bank acted as the financial adviser to the sponsor.[17]

Phase II

With work on Phase II on hold since May 2012, it appeared it would not proceed.[12]

In 2021 government documents, the following were listed as reasons for the cancellation of Phase II:[18]

  • "No new Bids for Long Term PPAs have been coming up in the Market since the last 5 years."
  • "The revised emission norms under the Environment (Protection) Amendment Rules, 2015 revising, inter alia, emission norms for thermal power plants., drastic changes in the design and equipment of Phase II was required to be carried out."
  • "Central Electricity Authority has stated in the National Electricity Plan that 'No coal based capacity addition is required under any scenario irrespective of RE capacity addition'. Due to aforesaid reasons and non-availability of New PPAs, Lenders were reluctant to release funds for further construction of Phase II; hence, construction of Phase II had been stalled indefinitely."
  • "As per CEA small capacity plants are only for captive purpose and new capacity addition will be through super critical units only. Accordingly the entire contact awarded needs to be changed to super critical based technology of 660 MW and above and scrap the present capacity of 270 MW sub critical."

PPA challenges & mothballing

According to a 2020 brief, the plant reportedly had a letter of intent from MSEDCL for the supply of 507 MW power under a long-term PPA for a period of 25 years. The project had an FSA for 5.226 mtpa of coal from South Eastern Coalfields Limited and Mahanadi Coalfields Limited. The company was in the process of arranging a bank guarantee for signing the PPA and expected to start supplying power after securing working capital. The project originally had approval for selling 950 MW to the Maharashtra government, subject to permission from the Maharashtra Electricity Regulatory Commission (MERC). Although the MERC approved the PPA, it could not be implemented owing to certain litigation issues. Subsequently, the Supreme Court passed an order allowing RattanIndia Power to enter into a PPA with MSEDCL, but BEST Undertaking backed out from purchasing 300 MW power due to the prolonged delay in the adjudication of the dispute.[19]

During a May 2022 heatwave, energy minister RK Singh held conferences with companies, banks, and state officials to discuss restarting commissioned but “non-operational” units. The plants considered appeared to include Salaya power plant, Butibori Power Project, Nasik RattanIndia Thermal Power Project, Simhapuri Thamminapatnam power station, Meenakshi Energy Thermal Power Project, Mutiara Coastal Energen Thermal Power Plant, and Cuddalore IL&FS power station. News noted that resolution regarding two units at the RattanIndia plant were currently under admission in NCLT, and that they could be "started with the intervention of lenders and developers."[20]

As of July 2022, there were no known updates regarding the units, and it was unclear if the plant was operating based on Daily Coal Reports.

Project Details

Sponsor: RattanIndia Nasik Power (formerly Indiabulls Power)
Location: Sinnar village, Nasik district, Maharashtra
Coordinates: 19.8666594, 74.0817493 (exact)

  • Phase I, Units 1-5: Operating
  • Phase II, Units 1-5: Cancelled

Nameplate capacity:

  • Phase I: 1350 MW (5 x 270 MW)
  • Phase II: 1350 MW (5 x 270 MW)

Start date: 2014 (Unit 1), 2017 (Units 2-5)
Coal Type:
Coal Source: South Eastern Coalfields Limited (1.83 MTPA), Mahanadi Coalfields Ltd (1.83 MTPA) and Western Coalfields Limited (1.56 MTPA)
Source of financing: Phase I: US$1,095.48 million in debt from Axis Bank, Bank of India, Power Finance Corporation, Syndicate Bank, Life Insurance Corporation of India, Rural Electrification Corporation, and United Bank of India[17]
Permits and applications:



  1. Indiabulls Power, "Nasik Thermal Power Project," Indiabulls Power website, accessed November 2011
  2. "Robust results for Indiabulls Power in FY 2011-12," Indiabulls press release, April 28, 2012
  3. Monthly Report on Broad Status of Thermal Power Projects in the Country, Central Electricity Authority, February 2014
  4. Monthly Report on Broad Status of Thermal Power Projects in the Country, Central Electricity Authority, June 2014
  5. "Rattan India Power to bid for coal blocks to revive units," Economic Times, November 9, 2014
  6. "Supply of coal to Power Plants," India Ministry of Power, July 23, 2015
  7. Broad Status Report, India Central Electrical Authority, February 2015
  8. "Monthly Report on Broad Status of Thermal Power Projects in the Country," Government of India Ministry of Power, March 2016
  9. Progress report up to March 2015, RattanIndia, March 2015
  10. Extension of EC, RattanIndia, May 11, 2015
  11. Environmental Clearance, India MoEF, February 10, 2016
  12. 12.0 12.1 "Monthly Report on Broad Status of Thermal Power Projects in the Country," Government of India Ministry of Power, July 2016
  13. "Broad Status Report," India Central Electrical Authority, April 2017
  14. "Broad Status Report," India Central Electrical Authority, May 2017
  15. "RattanIndia Power expects to become debt-free in 2 years," The Economic Times, January 21, 2022
  16. "RattanIndia Power consolidated net loss widens to Rs 386.69 cr in Dec qtr," Business Standard, January 21, 2022
  17. 17.0 17.1 "Preview of Sinnar Thermal Power Plant Project (1350MW) | Transaction | IJGlobal". Retrieved 2020-10-22.
  18. “Broad Status Report,” Thermal Project Monitoring Division , Central Electricity Authority, November 2021
  19. "RattanIndia: Power Debt resolution likely to help the company turn the corner," Power Line, January 3, 2020
  20. “Power Minister RK Singh to meet states, lenders on reviving stressed plants,” Economic Times, May 2, 2022

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