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Resurgent Power, backed by Tata Power and ICICI Ventures, reportedly announced it had acquired the debt-ridden Jaiprakash Associates' 180-megawatt Bara power plant
.
According to an official statement from Resurgent Power, the lender of Prayagraj Power Generation Limited has issued a letter of intent to Resurgent Power Ventures Pte Ltd to acquire a 75.
01% stake
in PPGCL, a 3X660MW coal power project located in Uttar Pradesh.
Tata Power's CEO and Managing Director said, "Following due diligence, we found Prayagraj Power to align with our overall growth plans
.
It has all approvals and permits, as well as long-term PPA and fuel supply agreements
.
It will be a value-added asset
in Resurgent Power's portfolio.
”
Singapore's Resurge Power was established in 2016 and has been investing in power projects
for many years.
Tata Power owns 26% of Resurgent Power, with ICICI Venture
holding the remaining 74%.
The project is one of
several power plants identified under the Samadhan program to expedite the settlement.
:/, please indicate the source for reprinting)
Resurgent Power, backed by Tata Power and ICICI Ventures, reportedly announced it had acquired the debt-ridden Jaiprakash Associates' 180-megawatt Bara power plant
.
According to an official statement from Resurgent Power, the lender of Prayagraj Power Generation Limited has issued a letter of intent to Resurgent Power Ventures Pte Ltd to acquire a 75.
01% stake
in PPGCL, a 3X660MW coal power project located in Uttar Pradesh.
Tata Power's CEO and Managing Director said, "Following due diligence, we found Prayagraj Power to align with our overall growth plans
.
It has all approvals and permits, as well as long-term PPA and fuel supply agreements
.
It will be a value-added asset
in Resurgent Power's portfolio.
”
Singapore's Resurge Power was established in 2016 and has been investing in power projects
for many years.
Tata Power owns 26% of Resurgent Power, with ICICI Venture
holding the remaining 74%.
The project is one of
several power plants identified under the Samadhan program to expedite the settlement.
:/, please indicate the source for reprinting)
/
