Cuttack KVK Nilachal power station
| Part of the Global Coal Plant Tracker, a Global Energy Monitor project. |
| Related coal trackers: |
Cuttack KVK Nilachal power station is a cancelled power station in Kandarei, Athagarh, Cuttack, Odisha, India. It is also known as Kandarei.
Location
Table 1: Project-level location details
| Plant name | Location | Coordinates (WGS 84) |
|---|---|---|
| Cuttack KVK Nilachal power station | Kandarei, Athagarh, Cuttack, Odisha, India | 20.587097, 85.742653 (exact) |
The map below shows the exact location of the power station.
Unit-level coordinates (WGS 84):
- Phase I, Phase II Unit 1, Phase II Unit 2: 20.587097, 85.742653
Project Details
Table 2: Unit-level details
| Unit name | Status | Fuel(s) | Capacity (MW) | Technology |
|---|---|---|---|---|
| Phase I | cancelled | coal: unknown | 350 | subcritical |
| Phase II Unit 1 | cancelled | coal: unknown | 350 | subcritical |
| Phase II Unit 2 | cancelled | coal: unknown | 350 | subcritical |
Table 3: Unit-level ownership and operator details
| Unit name | Owner | Parent |
|---|---|---|
| Phase I | KVK Energy & Infrastructure Pvt Ltd [100%] | KVK Energy & Infrastructure Pvt Ltd [100.0%] |
| Phase II Unit 1 | KVK Energy & Infrastructure Pvt Ltd [100%] | KVK Energy & Infrastructure Pvt Ltd [100.0%] |
| Phase II Unit 2 | KVK Energy & Infrastructure Pvt Ltd [100%] | KVK Energy & Infrastructure Pvt Ltd [100.0%] |
Financing
Source of financing: Phase I: Rs 10.8 billion in debt from a group of four lenders, including Power Finance Corporation and Punjab National Bank; Rs 5.1 billion in equity from KVK Energy[1]
Background
The project was being developed in two phases by KVK Nilachal Power Pvt. Ltd., a subsidiary of KVK. Phase I of the project was 350 MW, and Phase II was 700 MW.[2]
Construction on the project was halted in 2012, when the Cuttack High Court imposed an interim stay on grounds of violation of wildlife protection laws. In March 2014, the Odisha government urged the Union Ministry of Environment & Forests (MoEF) to grant wildlife clearance for the project.[3]
As shown on Google Earth, structural work was proceeding on the first unit as of April 9, 2012, but was frozen at that point. Other units had not entered construction.
In May 2015, the Odisha government said it was considering extending the MoU of KVK Nilachal, as litigation had impeded the pace of the project's progress.[4]
According to the India government in March 2016, unit 1 resumed construction and was planned for operation in 2018-2019. Units 2-3 were "uncertain."[5] According to the July 2016 Broad Status report, "No work is under progress presently."[6]
According to the March 2017 Broad Status report, "No work is under progress presently." The report showed that expenditure on the project peaked in FY 2011-12 at Rs75,226 lakhs, dropping to Rs 15,740 lakhs in 2012-13, 5,847 lakhs in 2013-14, and 6,000 lakhs in 2014-15.
Liquidation
In 2021, government documents noted the following about the three-unit project: "Liquidation Order date 17.12.2020; The Liquidator has initiated for E-Auction Sale as a going concern."[7]
Liquidation process documents summarized the following: "PFC, HUDCO, IIFCL and UCO Bank provided a project loan of Rs.1080 crores in consortium with PFC as the lead FI. KVK defaulted in repayment and the account was classified as “NPA” from 15.04.2015, 15.01.2015, 31.12.2015 and 30.06.2017 in the books of PFC, HUDCO, IIFCL and UCO Bank respectively. The current Corporate Insolvency Resolution Process against KVK Nilachal Power Private Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiated on 23rd September 2019 vide order of Hon’ble NCLT, Hyderabad Bench."[8]
Additional documents were available on the Corporate Insolvency Resolution Process website.
According to the June 2023 Broad Status report, the project had been "sold to successful bidder M/s Padmaprabhu Commodity Trading Pvt Ltd in the E-auction held on 26th August 2022."[9]
For examples of other stalled coal projects in India, see Troubled Indian Coal Plant Construction Sites.
Financing for Phase I
By February 2009, the company had achieved financial closure for the first 350-MW unit (phase I) of the project. A group of four lenders, including Power Finance Corporation and Punjab National Bank, agreed to lend Rs 10.8 billion (approx. US$225 million at 2009 exchange rates). KVK Energy agreed to invest Rs Rs 5.1 billion (approx. US$110 million) in equity in the project.[1]
Opposition
In July 2013, farmers of the Cuttack district in India sent a letter to Chief Minister Naveen Pattnaik over the Cuttack Nilachal power plant. The farmers demanded that they be returned the farmland that KVK Energy, the company in charge of the Cuttack Nilachal plant, had bought in 2016. Citing delays in the start of the construction, the villagers wanted their land back.[10]
Articles and Resources
References
- ↑ 1.0 1.1 "Maytas out of 1,050-Mw power project in Orissa". www.rediff.com. Retrieved 2020-09-29.
- ↑ "Current Projects," KVK website, accessed February 2012
- ↑ "Odisha nudges MoEF for wildlife nod to KVK Nilachal's project," Business Standard, March 19, 2014
- ↑ "Odisha not to extend MoUs of 11 IPPs," Business Standard, May 11, 2015
- ↑ "Monthly Report on Broad Status of Thermal Power Projects in the Country," Government of India Ministry of Power, March 2016
- ↑ "Monthly Report on Broad Status of Thermal Power Projects in the Country," Government of India Ministry of Power, July 2016
- ↑ “Broad Status Report,” Thermal Project Monitoring Division, Central Electricity Authority, November 2021
- ↑ "Revised Invitation For Expression Of Interest For Submission Of Resolution Plan In KVK Nilachal Power Private Limited," KVK Nilachal Power Private Limited (Under Corporate Insolvency Resolution Process), January 20, 2020
- ↑ Broad Status Report of Under Construction Thermal Power Projects (June, 2023) Central Electricity Authority, Government of Inida, June 2023
- ↑ “Farmers demand return of land bought for KVK power project”, Business Standard, July 30, 2013.
Additional data
To access additional data, including an interactive map of coal-fired power stations, a downloadable dataset, and summary data, please visit the Global Coal Plant Tracker on the Global Energy Monitor website.
