The hydro power business of Reliance Power (RPower), which is set to invest about Rs 105 billion in three projects with total capacity of 2,100 mw, is in the process of expediting clearances and also achieve financial closure by the first half of 2009, reports Business Line.
The company, which is executing 700 mw project at Tato II in West Siang District of Arunachal Pradesh, 1,000 mw of Siyom project at West Siang district of Arunachal Pradesh and 400 mw at Urthing Sobia in Pithorgarh district of Uttaranchal, is planning for some more projects coming up for competitive bids. The focus of the company is on expediting the process of implementation of these projects.
With the government`s recent hydel policy, which also provides for merchant power sales, that is a big boost for such hydel projects, these are now well poised to achieve financial closure. Siyom project will allow the company to market about 40% of the power generated as merchant power sales.
Shares of the company closed up Rs 3.6, or 0.96%, at Rs 377.35. The total volume of shares traded at the BSE was 1,677,636. (Tuesday)