It initially agreed to acquire the Indian plant in February.
JSW Energy, the energy branch of the Indian conglomerate JSW, has terminated a $710m (INR53.2b) deal with GMR Energy to acquire its subsidiary GMR Kamalanga, which owns and operates a 1,050MW subcritical coal-fired power plant in Odisha, amidst uncertaintie the pandemic brought. The two parties had reached a preliminary agreement in February.
GMR Kamalanga Energy’s power plant benefits from a strategic location near the coal belt and has 15% untied capacity to take advantage of the merchant market. The plant is supplied by Mahanadi Coal Fields (MCL), a subsidiary of Coal India Limited (CIL), and has a long-term power purchase agreement (PPA) with GRIDCO (Odisha), Uttar Haryana Bijli Vitran Nigam, (UHBVNL) and the Bihar State Electricity Board.