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.