Thermal Powertech is 67.4% owned by Sembcorp Utilities while the remaining 32.6% stake is owned by Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects.
Under the terms of the 8-year power purchase agreement (PPA), Thermal Powertech will supply 570MW of power generated from the 1,320MW coal-fired power plant located in Krishnapatnam Nellore, Andhra Pradesh.
Earlier, Thermal Powertech signed a separate 25-year PPA to supply power generated from the power plant to Andhra Pradesh and Telangana Power Distribution Companies.
With the signing of the deals, the company has now secured over 85% of its net total generating capacity for the $1.5bn power plant under long-term PPAs.
TPCIL CEO Atul Nargund said: "With this PPA, we have achieved our goal of securing at least 85% of our generating capacity on a long-term basis.
"With this, TPCIL is now eligible for mega power status. In addition, operationally the plant is performing well and achieving good plant load factors."
The first 660MW unit of the coal-fired power plant was commissioned in March 2015 followed by the second 660MW unit in September 2015.
Sembcorp said that the plant features supercritical technology, making it more efficient and environmentally-friendly when compared to conventional coal-fired power plants.
