Jindal Power, GMR ask NHPC to take over hydro projs or form JV

JSPL's arm Jindal Power has approached NHPC asking it to either take over its 5,397 MW hydro power projects worth about Rs 37,779 crore or form joint ventures.
A hydro power project being executed by GMR in Himachal Pradesh has also been offered to NHPC on ownership basis.
Jindal Power approached NHPC for its three projects in Arunachal Pradesh- 1,800 MW Kamala HEP (earlier known as Subansiri Middle project), 3097 MW Etalin Hydroelectric Project (HEP) and 500 MW Attunli Hydroelectric Project.
"A representative from Jindal (Power) approached us and they offered Subansiri Middle, Etalin and Attunli either to take over or in joint venture. They approached us either in December or in January," NHPC Chairman and Managing Director K M Singh said in an exclusive interview to PTI.

While Etalin Project is being executed through the Etalin Hydro Electric Power Co Ltd, a JV of Jindal Power and Hydro Power Development Corporation of Arunachal Pradesh, Kamala Project is executed by Kamala Hydro Electric Power Co Ltd, in which Jindal Power holds 74 per cent and the Arunachal Pradesh government undertaking holds 26 per cent.
"We are ready to take over but the question is cost. If the project's cost as on date is viable then certainly NHPC is ready to take over either on ownership basis or in joint venture with NHPC having the major stakeholding," Singh said.

Attunli Hydroelectric Project is being executed through Attunli Hydro Electric Power Co Ltd, a JV of Jindal Power (74 per cent) and Hydro Power Development Corporation of Arunachal Pradesh Ltd (26 per cent).

A hydro power project in Himachal Pradesh being executed by GMR has also been offered to NHPC on ownership basis, Singh said.
The cost of installing one megawatt (MW) capacity in a hydroelectric project is around Rs 7 crore, Singh said.
NHPC will provide project management and consultancy to
1200 MW Teesta III project in Sikkim and after the project gets commissioned, the state-run firm will enter into joint venture with Sikkim government for maintenance and operation of the project, Singh said.

"In Sikkim one project is Teesta III. For that, it is finally decided NHPC will provide project management consultancy...Being constructed by Teesta Urja Ltd, NHPC has not taken over for construction only due to very high cost," he said.
"Other than that there is a 520 Teesta VI. One project is Panan...And one is Rangit IV. These three projects are offered by Sikkim government to NHPC and talks are going on for these projects," he added.
Jindal Power spokesperson said,"JSPL is currently in the black out period preceding the declaration of the third quarter results and therefore will not be able to comment on any financials."

Jindal Power (JPL) had signed agreements for development of three hydroelectric projects with a combined capacity of 6100 MW in Arunachal Pradesh in joint venture with Hydro Power Development Corporation of Arunachal Pradesh Limited (HPDCAPL).
"Subsequent to due diligence, the envisaged capacities of JPL-Hydroelectric Projects in Arunachal Pradesh are 3097 MW project at Etalin, 1800 MW project at Kamala and 680 MW project at Attunli.
"These projects are currently under various stages of development and JPL is exploring prudent avenues of association to unlock shareholder value and build hydro -electric energy assets for the nation," the spokesperson said.
However a query sent to GMR remained unanswered.

NHPC, which develops hydropower, has an installed capacity of 4,987 MW at standalone and 6507 MW on consolidated basis.