JSW Energy junks plan to acquire 1.05GW coal plant

It initially agreed to acquire the Indian plant in February.

JSW Energy, the energy branch of the Indian conglomerate JSW, has terminated a $710m (INR53.2b) deal with GMR Energy to acquire its subsidiary GMR Kamalanga, which owns and operates a 1,050MW subcritical coal-fired power plant in Odisha, amidst uncertaintie the pandemic brought. The two parties had reached a preliminary agreement in February.

GMR Kamalanga Energy’s power plant benefits from a strategic location near the coal belt and has 15% untied capacity to take advantage of the merchant market. The plant is supplied by Mahanadi Coal Fields (MCL), a subsidiary of Coal India Limited (CIL), and has a long-term power purchase agreement (PPA) with GRIDCO (Odisha), Uttar Haryana Bijli Vitran Nigam, (UHBVNL) and the Bihar State Electricity Board.

This article was originally published by Enerdata.