Gati Infrastructure Private Limited (GIPL), a Hyderabad-based company focused on generating non-carbon power, has commissioned a 110-Mw hydro-electric power project in the northeastern state of Sikkim.
The project, built at a cost of Rs 1,118 crore, will harness the water flow from Rangpo and Rongli rivers in Sikkim through run-of-river design with turbines and generators supplied by Alstom India Limited. While IDFC was the lead financier with a loan at the project level, Hyderabad-based Capital Fortunes was the adviser and sole arranger in respect of this transaction.
GE Energy Financial Services India has invested Rs 257 crore in the project through a share subscription agreement, GIPL said in a press release on Tuesday. GIPL is an energy initiative of Mahendra Agarwal, founder and CEO of Hyderabad-based express distribution company Gati Limited.
“Sikkim is a growing economy in the northeast with an average rainfall higher than in several other Himalayan states. With glacial melt and the perennial rivers, Sikkim has a peak potential capacity of 8,000 Mw of hydro-electric power,” Agarwal said.