Madhucon Projects to develop 1320 MW thermal power plant

Andhra Pradesh based, roads to power player, Madhucon Projects is all set to launch a 1320 MW thermal power plant in Ranchi, Jharkhand. Sources tell ET Now that the company has signed an MoU with the Jharkhand government for the Rs 6000 cr project.

The company will need about 1000 acres for the plant and expects clearance for the land in about 6 months. The plant will most likely be executed in 2 phases of 660 MW each and would also receive coal linkage from the Jharkhand government.

The project will be financed via a mix of debt and equity and the company will need to raise about Rs 4800 crs of debt for the same. The project is expected to begin construction by FY12 and would be commissioned by FY15.

The company is already executing 1920 MW coal fired project via Simhapuri Energy Pvt Ltd. and the first phase of which will be operational by June 2011. The stock was up 3.14% at the time of filing this report.