Tata Power takes over Mundra UMPP

New Delhi, Apr 23: Power Finance Corporation (PFC) today transferred Coastal Gujarat Power Ltd, the special purpose vehicle for the 4,000-MW Mundra Ultra Mega Power Project to Tata Power Company, the first such changeover to a successful bidder.

The move is part of the Power Ministry's plan to set up nine Ultra Mega Power Projects (UMPPs) at an estimated cost of Rs 1,50,000 crore.

The transfer documents were exchanged in the presence of Union Power Minister Sushilkumar Shinde here.

Tata Power Company (TPC) submitted the lowest tariff of Rs 2.26 per unit, at a rate for 25 years. The company would generate power at Rs 1.91 per unit during the first year.

The Mundra project situated in Gujarat, includes five units of 800 MW, would use super critical technology to generate power with greater fuel efficiency.

The Rs 16,000-crore project would supply 1,900 MW to Gujarat, 800 MW to Maharashtra, 500 MW to Punjab and 400 MW each to Haryana and Rajasthan.

TPC after emerging as the lowest bidder at Rs 2.26 per unit for the Mundra project was awarded letter of award on December 28 by the Power Ministry.

This is another milestone for PFC which is currently involved in addressing the issue of alleged misrepresentation by Lanco Infratech-Globeleq Singapore for the 4,000 MW Sasan UMPP.

Originally, TPC was to take over the Coastal Gujarat Power Ltd in February. However, TPC had to wait further for the same due to delays in the completion of necessary formalities of land acquisition and also in getting environment and coastal regulatory zone clearances from the ministry of environment and forests.

UNI