Patel Energy to set up plants in Arunachal, TN
Patel Energy, a wholly-owned subsidiary of infrastructure construction major, Patel Engineering, is planning a major foray into power by setting up power projects in Arunachal Pradesh and Tamil Nadu over the next three-years, according to a top company official.
The company plans to set up a hydro and thermal power plant in Arunachal Pradesh and Tamil Nadu respectively. The 120Mw hydro power project at Arunachal Pradesh will be set up at an estimated investment of Rs800 crore, with a debt-equity ratio of 70:30. The company is expected to invest about Rs210 crore in the project while the balance will be arranged via the debt route. Patel Energy has already obtained the required land and environmental clearances for the project.
The company intends to tie-up firm sales for 60% of the power generated from its Arunachal hydro plant on a merchant basis, while the remaining 40% will be sold commercially.