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Adani Power has made a big announcement before the assembly elections in Bihar. The company has told that it is going to set up a 2,400 MW Greenfield thermal Power Plant in Bhagalpur district of Bihar at a cost of about 26 thousand crores. This power plant will be set up in Pirpainti of Bhagalpur, for which the letter of award (LOA) has been received.
Adani Power said that it has received a LOA for purchasing power for a 25 -year long term from Bihar State Electricity Generation Company Limited (BSPGCL). This electricity will be supplied from the 2,400 MW Greenfield Ultra Super Critical Plant, which is going to be built in Pirpainti. After this, the Power Supply Agreement (PSA) will be signed between the two institutions.
Thousands will get employment
The company will invest $ 3 billion for the development of plant and infrastructure. The good thing is that 10,000 to 12,000 people are expected to provide direct and indirect employment during the construction phase from this project and 3,000 people will get employment when operations start. India’s demand for electricity is expected to increase rapidly in the coming years, in which fast industrialization, urbanization and increasing population is a big reason.
When will the plant start
Adani Power will set up 3 units of 800-800 MW, which will generate a total of 2400 MW power. This plant will be ready on design, construction, finance, and operation (DBFOO) models. The first unit will start within 48 months from the due date and the last unit will be operational within 60 months.
Adani Power shares boom
Adani Power shares rose strongly on Friday. When the company announced the letter of award (LOA) for the 2,400 MW thermal power project in Bihar, the share went up about 3 percent from Intrade Low. The Shares of Adani Group, which slipped to one day low to ₹ 583.35, reached the Intrade High of 601.30 after the announcement.