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Sasan Power Limited (SPL) was incorporated on February 10, 2006. This company was incorporated as a wholly owned subsidiary of Power Finance Corporation Limited in order to build, own, operate and maintain the Sasan Ultra Megawatt Power Project at Sasan, Madhya Pradesh. It was transferred to Reliance Power under the provisions of a share purchase agreement dated August 7, 2007 and is now a fully owned subsidiary of Reliance Power. A public notice has been issued for the change of registered office from the National Capital Region of New Delhi to the state of Maharashtra. This change is subject to the approval of the Company Law Board.
Projects of SPL:
SPL is currently developing a 3,960 MW coal-fired UMPP to be located in Sasan, Madhya Pradesh, approximately 25 km from three captive pithead coalmines. The Power Finance Corporation Limited ("PFC") formed SPL and initially developed the Sasan project in order to expedite the process of obtaining approvals and clearances and to secure fuel resources. We were awarded the Sasan project following an international competitive bidding process at a levelized tariff of Rs. 1.196/kWh. SPL was transferred to us in August 2007.
The Sasan project will be a 6x660 MW coal-fired project and employ supercritical technology. The Sasan project is scheduled to be on-stream by December 2013, when the first 660 MW unit comes on-line. The project is scheduled to be fully commissioned by April 2016. The estimated cost of the Sasan project is Rs. 18,342 crore, which includes the initial capital costs related to the mining of coal.
Power Purchase Agreement has been executed with 14 Procurers comprising 7 States and their off take would be as follows; Madhya Pradesh (Lead Procurer) will be entitled for 37.50% share, followed by Punjab(15%), Uttar Pradesh(12.5%), Delhi(11.25%), Haryana(11.25%), Rajasthan(10%) and Uttarakand (2.5%).
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