NHPC Limited (NHPC) plans to commission 132 megawatt (MW) Teesta hydro-electric project in West Bengal and 120 MW Sewa-II project in Jammu and Kashmir by December 2009. NHPC plans to set up 1,200 MW Tamanti project and 640 MW Shwezaye hydro power project in Myanmar. NHPC had proposed to come out with a public issue to raise INR16.70 billion in October 2008 for funding its expansion programmes, but was forced to shelve plans due to volatile market conditions.
We plan to commission one of the Teesta hydro-electric projects of 132 MW by December this year and also 120 MW Sewa-II project in Jammu & Kashmir, NHPC Chairman and Managing Director S K Garg said.
Garg further continued that the initial public offering has been put on hold till market conditions stabilize.
Though we are comfortable right now, we are in talks with domestic bankers (both public and private) for raising capital, Garg said.
NHPC has already tied-up debt of about INR40 billion with Power Finance Corporation Limited and nearly INR65 billion with Life Insurance Corporation of India Limited (LIC) for funding its power projects during the current plan period (2007-12).
We hope to work on big projects (1,200 MW and 640 MW) in Myanmar and are discussing the probability with them (Myanmar), Garg added.
NHPC plans a capital expenditure of INR280 billion in the eleventh five-year plan (2007-12) to double its power generation capacity to roughly 10,000 MW.
Our capex plan has not been affected by the slowdown, Garg added.
NHPC contributes over 3% of India’s total installed power generation capacity of nearly 144,000 MW.