The plant, located in the coastal town of Krishnapatnam, Nellore in Andhra Pradesh, is already supplying 500 megawatts to the Andhra Pradesh and Telangana Power Distribution Companies under a 25-year power purchase agreement. The company intends to enter into new power purchase agreements in the near future.
Tang Kin Fei, Group President & CEO of Sembcorp, said, “The successful completion of our first coal-fired power plant investment in India is a significant milestone for Sembcorp. It demonstrates our strong capabilities in developing and executing large-scale greenfield projects. We now look forward to the completion of our second coal-fired power plant in Andhra Pradesh, which is expected in 2016. When fully operational, our two thermal power plants will generate a total of 2,640 megawatts of gross capacity. This will help to meet the increasing power demand in India and particularly the southern states.”
Sembcorp owns a 67.4% stake in TPCIL through its wholly-owned subsidiary, Sembcorp Utilities, while Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects, owns the remaining 32.6%. Sembcorp is developing its second thermal power project in India: a 1,320-megawatt coal-fired power plant that is targeted to complete in 2016 and located adjacent to TPCIL. Sembcorp owns 49% in this second power project. Sembcorp also owns 64.06% in Sembcorp Green Infra, a renewable energy company in India with more than 700 megawatts of assets in operation and under development. With these three investments, Sembcorp has over 3,300 megawatts of power capacity in India.
The completion of TPCIL is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending December 31, 2015.
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