JSW Energy overtakes Adani power in bidding process for thermal power plant
JSW Energy has proposed to be the top bidder in comparison with the Adani Power for a thermal power plant in central India. The 1980 MW plant is stucked within the the insolvency proceedings, and the power minister called for more private investment to meet rising electricity demand.
As per official sources, JSW Energy has asked India’s insolvency court to allow it to participate in an auction for the Amarkantak Project where the power sector company has offered a better value price offer than Adani’s bid. The official was referring to a bid at 41 billion rupees [$494 million] which it had made last month and Adani’s power bid increases from a previous offer of 29.5 billion rupees to 30.2 billion rupees, extensively from state-run lenders Power Finance Corporation[ PFC] and REC Ltd.
Private investments in coal-based power in India started staggering after 2018, hitting hard by lower demand and transforming fuel efficiency towards green renewable sources. It is one of the many distressed coal-fired private power stations engulfed in insolvency proceedings in recent years as owners did not have fuel supply or the funds to complete them.Read Also : THDCIL conferred with prestigious 1st Prize for ‘Advancement in Green Mobility
Now, the Amarkantak project goes up for a fresh auction ordered by the insolvency court, which has limited participation only to those who had put in financial bids.
JSW Energy Limited is an Indian power company engaged in power generation, transmission, and trading. It is a part of JSW group.Read Also : MECL Drills Past Remarkable Milestone, Surpasses 3 Lakh Meters of Exploratory Drilling
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