NEW DELHI: State-run hydro power generator NHPC Limited has lined up aggressive plans to raise its capacity to 10 gigawatts (GW) in the next three years. Currently, the company operates about 7.1 GW of hydro power units. The company is also on an acquisition spree as it eyeing the 120-MW Jal Power Corporation’s Rangit hydro project in Sikkim, which is undergoing insolvency proceedings in the National Company Law Tribunal (NCLT).
“We are looking at more stressed hydro units through the NCLT route and JAL Power’s project in Sikkim is one such project we have evaluated. We are keen to bid for it as and when the expression of interest is issued by the insolvency professional,” said NHPC chairman and MD Balraj Joshi.
NCLT will hear the case on March 15, he added.
Recently, the company also obtained the Cabinet’s approval to take over the 500-MW Teesta hydro power plant, also in Sikkim, entailing an investment of `5,748 crore, which includes `907 crore bid amount. The project is likely to be completed in five years, Joshi said.Also, this is the first time that a government entity has bid for a project and bagged it in NCLT, the company claimed.
So far this financial year, the miniratna company has realised 70 per cent against the capital expenditure of Rs 2,577 crore. In FY20, it plans to set aside `3,400 crore as capex.Meanwhile, NHPC has also replaced PTC India as an aggregator for buying power from stressed units. Under the second of aggregation scheme, NHPC would procure 2500-MW power purchase agreements for three years from beleaguered generating units and reach out to states to buy it. As an aggregator, NHPC will also sign back-to-back power supply agreements with Discoms.