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MEDA Mulls Taking Over Nashik Power Plant

The Maharashtra Energy Development Agency(Govt. of Maharashtra Institution, has received a proposal to take over RattanIndia Power’s 1,350 MW Nashik thermal power plant, which has been declared a non-performing asset (NPA) by lenders.

 

Recently, a technical and financial evaluation of the plant was concluded which was carried out by the National Thermal Power Corporation (NTPC). RattanIndia, formerly known as Indiabulls Power, has two coal-based power plants in Maharashtra one in Amravati and the other in Nashik. The Amravati plant has been commissioned and is supplying electricity to Maharashtra State Electricity Distribution Company (MSEDCL).

 

The construction of the Nashik plant was completed in 2017 but the plant is lying idle. The Nashik plant had a power purchase agreement for 950 MW with the state utility but there was a dispute and the agreement didn’t come into effect.

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