GANGTOK, 9 Jan: The Lanco company has revived the Teesta Stage VI hydro project after a year of having suspended works due to a funds crunch. The administrative offices have already started functioning and is in process of coordinating with other construction agencies to begin the actual construction process again. A senior official of Lanco confirmed this over the phone form New Delhi. The state government is also hopeful that the 500 MW [170x3]project will be commissioned in another couple of years time, sometime around 2015-16.
The revival of Teesta Stage VI by Lanco was possible after the intervention of both the financial institutions such as various banks investing in the project as well as the state government of Sikkim with the government of Maharashtra, which is the principle buyer identified for the power to be generate by the Lanco project. The Maharashtra government was convinced to sign a revised and enhanced rate of power purchase from the Lanco project. The major investment company, ICICI Bank has also agreed to the cost overrun as a result of the delay for further investment.
It is informed that the Sikkim government had written to the Government of Maharashtra urging to revise the earlier agreement of buying power at Rs.2.11 per Unit and raise it to Rs.4.10 per Unit. The new agreement on the enhanced rate of power tariff was signed in October, 2013. This has given a boost to the power developer to restart the reconstruction of project. It is informed that 70% of the project has already been completed.
The state government has made its stand clear that once the completion of construction works are over and commercial production has started then only will the state share of 26 percent equity be invested; and once the state is assured that the project is stable and is provided with enough assurances by the developer. Secretary, Power, PB Subba further informed that all necessary assistance has been accorded to the developer for revival of the project.
The revival of Teesta Stage VI by Lanco was possible after the intervention of both the financial institutions such as various banks investing in the project as well as the state government of Sikkim with the government of Maharashtra, which is the principle buyer identified for the power to be generate by the Lanco project. The Maharashtra government was convinced to sign a revised and enhanced rate of power purchase from the Lanco project. The major investment company, ICICI Bank has also agreed to the cost overrun as a result of the delay for further investment.
It is informed that the Sikkim government had written to the Government of Maharashtra urging to revise the earlier agreement of buying power at Rs.2.11 per Unit and raise it to Rs.4.10 per Unit. The new agreement on the enhanced rate of power tariff was signed in October, 2013. This has given a boost to the power developer to restart the reconstruction of project. It is informed that 70% of the project has already been completed.
The state government has made its stand clear that once the completion of construction works are over and commercial production has started then only will the state share of 26 percent equity be invested; and once the state is assured that the project is stable and is provided with enough assurances by the developer. Secretary, Power, PB Subba further informed that all necessary assistance has been accorded to the developer for revival of the project.
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