Monnet Power to augment Angul plant capacity

Monnet Power Company plans to invest around US$724 million to augment the power generation capacity of its power plant project at Angul.

Monnet executive vice-chairman Sandeep Jajodia said the company's Board of Directors approved the setting up of an additional unit of a 660MW power plant at Angul in Orissa, India where a 1,050MW power plant is presently under construction.

The company would incur an expense of US$1 million to generate 1MW of power and plans to have a power generation capacity of 5,000MW by 2015.

The two phases of 1,050MW plant construction is expected to be completed by 2012.

The company has signed a loan agreement with a consortium of lenders led by Infrastructure Development Finance Company to raise US$834 million for the project.