Haryana power lines up funds for Hisar thermal plant

Chandigarh, May 6 (UNI) To ensure timely construction and commissioning of a 1,200 MW thermal plant at Hisar, the Haryana Power Generation Corporation Ltd (HPGC) has made bulk of the loan arrangements from Rural Electrification Corporation of India Ltd (REC), Power Finance Corporation Ltd(PFC) and the National Capital Region Planning Board (NCRPB).

Giving details Haryana Financial Commissioner and Principal Secretary (Power), Mr Ashok Lavasa Haryana said today, it was for the first time that the NCRPB has sanctioned a loan of Rs 500 crore at an effective rate of interest of 5.5 per cent per annum to HPGCL. The loan of Rs 135 crore sanctioned for the year 2006-07 has already been drawn for the purpose and the remaining amount to be drawn later.

Besides this, REC has sanctioned a loan of Rs 1,536.03 crore with a repayment period of 15 years and Commercial Operation Date (COD) in 60 quarterly installments. Similarly, Rs 1,453 crore have been sanctioned by Power Finance Corporation with repayment of 15 years after 38 months moratorium period.

This project has been included by the Ministry of Power in the capacity addition programme for the 11th plan. This is the first project in the Northern Region to be awarded Mega Project status which would enable it to benefits under the mega project policy of the Central Government. This has helped reduce the project cost and lower the cost of generation.

He said the contract to set up the power plant at Hisar has already been awarded through international competitive bidding at Rs 3.14 crore per MW. With a commissioning schedule of 35 months, this is perhaps the most aggressive schedule in the country for such a greenfield project.

The first unit of 600 MW of the project is schedule for commissioning in December 2009 and the second unit in March 2010.

The HPGCL has already acquired 989 acres of land for this ambitious project.

The project will also provide job opportunities to the people of the state. The project once commissioned will generate and supply 288 lakh units of electricity daily to meet the goal of self sufficiency.

UNI