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GMR Energy to set up 1,000 Mw plant in Orissa

BS Reporter  |  Bangalore 

GMR Energy on Thursday signed an agreement with GRIDCO, for setting up a 1,000 Mw coal-based thermal power plant at Dhenkanal district in Orissa.
The project is expected to cost Rs 4,200 crore. GMR plans to adopt a 70 per cent debt and 30 per cent equity model for the project.
According to GMR, it has already identified the land and is in the process of developing the project. The firm intends to wheel 75 per cent of the saleable power to power-deficit states in South India.
The remaining 25 per cent shall be supplied to for a period of 25 years. The power purchase agreement has been signed to this effect.
The plant is scheduled to be commissioned by the end of 2010 and the second phase by the middle of 2011. It will be GMR Energy's fifth power project.

First Published: Fri, September 29 2006. 00:00 IST