The project is worth Rs225 crore.
India Power Corporation Limited commissioned a power plant of 36 MW solar in Uttarakhand at an investment of Rs 225 crore.
This follows India Power's successful acquisition of 1,000 MW thermal power plant of Meenakshi Energy Private Limited, now known as Meenakshi Energy Limited, now known as Meenakshi Energy Limited owned by French power giant ENGIE. The joint venture between one of the largest German power utilities Uniper and India Power has also started its activities with management of power plants.
These along with commissioning of 150 MW-unit out of 450 MW at the company's Haldia plant, lower T&D losses and improving profitability are expected to result in multi-fold growth in India Power's businesses, maximising shareholders' value in the process.
The consolidated estimated enterprise/asset value of India Power is now close to Rs 15,000 crore, and with a combined debt of around Rs 6,000 crore the company is now one of the less leveraged power generation and utilities companies in the country.
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