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September 08, 2008


Lanco to invest INR 18,000 crore for hydro power by 2015

It is reported that Lanco Group has outlined an investment of about INR 18,000 crore by 2015 to set up hydro power stations of 3,000 MW capacity or one fifth of the total capacity it seeks to achieve by then.

Lanco Group is already implementing 5 hydro projects of 742 MW capacity at various parts of India including the 500 MW Teesta VI Hydropower project in Sikkim.

Mr Shailendra Mohan energy manager of Lanco said that "Of the 15,000 MW which we plan to execute by 2015, about 3,000 MW is expected to be accounted by hydel power. We will invest about INR 18,000 crore on hydro power initiative."

Lanco Energy is a subsidiary of Lanco Infratech, engaged in power, infrastructure, construction and property development. At present, Lanco Infratech has the capacity to generate 518 MW electricity and is developing projects having 7,500 MW capacity. It has also identified projects of about 7,000 MW, as part of its vision to have installed capacity of 15,000 MW by 2015.

Lanco is implementing 2 hydel projects of 10 MW each and one 70 MW project at Himachal Pradesh, besides constructing 2 projects of 152 MW at Rambara and Phata Byung in Uttarakhand. Its first unit of hydro power would come later in 2008 from 1 of its project in Uttarakhand. Of the 518 MW capacity at present, 488 MW is accounted by gas fired projects, 13 MW by wind projects and 17 MW comes from biomass.

Mr Mohan said that financing for the Teesta VI hydropower project has been tied up with a consortium of 8 lenders lead by ICICI Bank. Other lenders include Canara Bank and Punjab National Bank. The project, expected to cost INR 3,000 crore, would be commissioned by 2012.

Teesta VI would sell the power to Maharashtra State Electricity Distribution Company through a 25 year Power Purchase Agreement. The statutory clearances required from the state and Central Agencies have been obtained and civil construction work has started. The bids for engineering, construction and procurement contracts would be invited by the group by mid of 2008.