Resurgent Power agrees to acquire majority stakes in Prayagraj Power Generation project

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Resurgent Power Ventures Pte Ltd has signed an agreement with State Bank of India-led consortium of lenders to acquire 75.01% stake in Jaiprakash Associates Ltd’s 1980 MW)Prayagraj Power Generation Co. Ltd. 

Renascent Power Ventures Private Limited (Renascent Power), a wholly owned subsidiary of Resurgent Power Ventures Pte Ltd (Resurgent Power) is backed by Tata Power Co. Ltd and ICICI Venture Funds Management Co. Ltd. The platform is also supported by Canada’s Caisse de dépôt et placement du Québec (CDPQ), Kuwait Investment Authority and Oman’s State General Reserve Fund. 

The 1980 MW Prayagraj Power Generation plant is located in Uttar Pradesh, India and consists of three 660 MW supercritical coal-based power generating units. 

Resurgent Power has submitted INR60 billion (US$838.80 million) bid for the deal and offered 14% equity stake to the lenders in Prayagraj after the acquisition. It had also agreed to settle the tax dues. As on 31 October 2017, Prayagraj’s total debt stood at INR110.86 billion (US$1.55 billion).

List of the country updates

Country updates

  • February 02, 2019

    Shapoorji Pallonji won SECI's 50 MW floating solar PV project tender

    Shapoorji Pallonji has won the tender launched by Solar Energy Corporation of India (SECI) for a 50 MW floating solar photovoltaic project located in Uttar Pradesh, India. The company has b...

    Read more
  • January 29, 2019

    GE Renewable Energy to supply turbines for 300 MW Gadhsisa wind project in Gujarat

    GE Renewable Energy has been selected by ReNew Power to provide 120 GE 2.5-132 turbines for its 300 MW Gadhsisa wind farm located in Gujarat, India.  The 2.5-132 turbines have been des...

    Read more
  • January 28, 2019

    Adani completes purchase of 51% stakes in 20 MW Kodangal solar project form FS India Devco

    Adani Green Energy, a unit of Adani Group, has completed the acquisition of 107,100 shares or 51% interest in Kodangal Solar Parks Pvt Ltd (KSPPL), the owner of the 20 MW Kodangal...

    Read more
  • January 24, 2019

    Vikram Solar commissions 20 MW solar projects in Bengal

    Vikram Solar has commissioned two 10 MW solar projects for West Bengal State Electricity Distribution Company (WBSEDCL). The plants are located at Patni, near Kharagpur and at Lalgarh, near Midnapore,...

    Read more
  • January 23, 2019

    Inox Wind receives Letter of Intent for developing 501.6 MW from Adani Green Energy

    Inox Wind Limited has received a Letter of Intent (LOI) from Adani Green Energy, a part of the Adani group and India’s Independent Power Producer (IPP) to supply, erect and commission...

    Read more

Share this update