New Delhi: The Madhya Pradesh Government on Tuesday signed agreements with three private power companies for generation and supply of 4,000 MW of electricity in the state with an investment of Rs 60,000 crore.
The agreements were exchanged between Vishesh Gadpale, Managing Director of Madhya Pradesh Power Management Company, and Jigish Mehta of Torrent Power Ltd, S B Khyalia of Adani Power Ltd and Ratul Puri of Hindustan Powerprojects Pvt Ltd.
The power supply agreements were inked at 'Samatva Bhavan' (Chief Minister's residence) in Bhopal in the presence of CM Mohan Yadav, who hailed the pacts, saying they will form the foundation for the state's sustainable development.
"This will increase overall power availability in Madhya Pradesh and ensure 100 per cent supply to meet the state's electricity demand," he noted.
These new power plants, to be established on a design, build, finance, own, and operate (DBFOO) model, will provide direct and indirect employment to approximately 8,000 people, Yadav said.
They will be located in Anuppur district.
Yadav emphasised that as a result of the state's industry-friendly policies, robust infrastructure, and good governance, Madhya Pradesh is becoming a top priority for investors and industrial groups both within India and abroad.
MP Power Management Company had invited bids for the purchase of 3,200 MW from new plants to be established through a tariff-based competitive bidding process under the DBFOO scheme. The bids included the option to purchase an additional 800 MW of power under the greenshoe option.
Accordingly, 1,600 MW was allocated to Torrent Power, 800 MW each to Hindustan Powerprojects and Adani Power, and an additional 800 MW under the greenshoe option, bringing the total to 4,000 MW.
Torrent Power and Adani Power will invest Rs 24,000 crore each and Hindustan Powerprojects Rs 12,000 crore in the new plants.
Power supply contracts for all these capacities have been signed with special purpose vehicles formed by selected developers. Under the contracts, the companies are expected to begin supplying electricity from 2030.
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