Adani Power said it has signed a 25-year power supply agreement with Bihar State Power Generation Company Ltd. to supply power from the project that will come up at Pirpainti in Bhagalpur district.
New Delhi: Adani Power on Saturday said it will set up a 2,400-MW ultra super-critical power plant in Bihar at an investment of USD 3 billion (around Rs 26,482 crore).
The Adani group company, in a statement, said it has signed a 25-year power supply agreement (PSA) with Bihar State Power Generation Company Ltd. (BSPGCL) to supply power from the project that will come up at Pirpainti in Bhagalpur district of the State.
The PPA is further to the Letter of Award issued by BSPGCL to Adani Power, on behalf of North Bihar Power Distribution Company Ltd (NBPDCL) and South Bihar Power Distribution Company Ltd (SBPDCL) in August.
Adani Power won the project by offering the lowest supply rate at Rs 6.075 per KWh.
The company said it plans to invest approximately USD 3 billion to build the new plant (800 MW X 3) and its supporting infrastructure under the Design, Build, Finance, Own, and Operate (DBFOO) model. The company aims to commission the plant in 60 months.
The coal linkage for the power plant has been allocated under the SHAKTI Policy of the Government of India.
The project will generate direct and indirect employment for 10,000-12,000 people during the construction phase and 3,000 once in operation.
A part of the billionaire Gautam Adani-led group, Adani Power is the largest private thermal power producer in India. It has an installed thermal power capacity of 18,110 MW.