Monnet Power to Augment Angul Power Plant Capacity

10 February 2011 (Last Updated February 10th, 2011 18:30)

Monnet Power Company plans to invest around INR33bn ($724m) to augment the power generation capacity of its power plant being constructed at Angul in Orissa, India. Monnet executive vice-chairman Sandeep Jajodia said the company's Board of Directors approved the setting up of an additi

Monnet Power Company plans to invest around INR33bn ($724m) to augment the power generation capacity of its power plant being constructed at Angul in Orissa, India.

Monnet executive vice-chairman Sandeep Jajodia said the company's Board of Directors approved the setting up of an additional unit of a 660MW power plant at Angul where a 1,050MW power plant is presently under construction.

The company would incur an expense of INR50m ($1m) to generate 1MW of power and plans to have a power generation capacity of 5,000MW by 2015.

The two phases of 1,050MW plant construction is expected to be completed by 2012.

The company has signed a loan agreement with a consortium of lenders led by Infrastructure Development Finance Company (IDFC) to raise INR38bn ($834m) for the project.