PFC releases bid bonds for Mundra UMPP

NEW DELHI: Power Finance Corporation, the nodal agency for ultra mega power projects, has released the bid bonds of Rs 120 crore it had received from six companies which had bid for the 4,000 MW Mundra project in Gujarat.

The project was recently transferred to Tata Power Company Ltd (TPC) on April 23, PFC said in a statement. PFC returned the bid bonds of Tata Power, Essar Power, Reliance Energy, Sterlite Industries (India), Adani Enterprises and Larsen & Tourbo - after TPC furnished the Performance Guarantee of Rs 300 crore to the corporation.

The Corporation said it has received clearance from the Coastal Regulatory Zone Authority for the Mundra project. It is awaiting forest and environmental approvals as well as tariff clearance from central power regulator CERC. Formal acceptance of tariff by CERC was expected in a couple of weeks, PFC said.