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Renascent Power Ventures Acquires Stakes in Prayagraj Power Generation

Renascent Power Ventures has signed an agreement with Prayagraj Power Generation for acquiring 75.01 percent stakes in the company. Renascent Power Ventures is a wholly owned subsidiary of Resurgent Power Ventures.

 

Resurgent Power Ventures are supported by Tata Power and ICICI Bank. Prayagraj Power, a unit of Jaiprakash Associates, operates the stressed 1,980 MW Bara power plant.

 

The plant has a fuel connection and power agreement that is linked to 90 percent of its capacity, the utilisation rate of the plant has been low due to lack of carbon availability due to lack of working capital facilities.

 

The plant included a 25-year PPA with five distribution tools in Uttar Pradesh in 2008 for the sale of 90 percent power generation. It conducted a fuel supply agreement in August 2013 with northern coal tanks for delivery of 6.95 million tpa of coal.

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