Dabhol Power Co. has awarded an EPC contract for the second phase of the 2450 MW power plant it is building in Maharashtra to the US company Bechtel Enterprises. The contract is believed to be worth around $600 million. Equipment contract bids from ABB, GE, Mitsubishi and Westinghouse are still being evaluated.

The financial structure of the second phase will mirror that of the first phase of the project; Enron will control 50 per cent, the Maharashtra State Electricity Board 30 per cent, GE ten per cent and Bechtel ten per cent.

Financial closure is targeted for this month. However the gas supply contract, state guarantees, escrow account cover and a letter of credit facility have yet to be finalized. The second phase of Dabhol includes construction of a $500 million regasification facility.