The Rajpura Thermal Power Plant (Nabha Power Limited) in Punjab has been taken over by Ahmedabad-based Torrent Power Limited. L&T Power Development Limited signed an agreement to sell the project for Rs 6,889 crore.
The power plant was earlier owned by Larsen & Toubro. Nearly six years back, the company decided to sell the asset. On July 22, 2020, it wrote to the Punjab government offering to sell the thermal plant to the Punjab State Power Corporation Limited (PSPCL).
Later, a five-member panel was formed on October 9, 2020, with the approval of the PSPCL Chairman to examine the purchase proposal. However, the matter did not progress further.
In its previous communication to the state government, L&T had proposed selling the Rajpura thermal plant for around Rs 9,690 crore, stating that nearly Rs 10,000 crore had been invested in the project. The power plant is now sold to Torrent Power at a lower price of Rs 6,889 crore.
The Rajpura Thermal Plant has a total installed capacity of 1,400 MW. It has two units of 700 MW each. The first unit began operations on February 1, 2014, and the second one started functioning on July 10, 2014. The project has been built using Japanese technology.
The Punjab government has signed a 25-year Power Purchase Agreement (PPA) with the plant-owners. Officials said the change in ownership will not affect the existing power supply agreement.
Earlier, on December 31, 2024, the Aam Aadmi Party (AAP) government had acquired the privately owned GVK Goindwal Thermal Plant for Rs 1,080 crore. Chief Minister Bhagwant Mann had called it a major achievement of his government.
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