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Madhucon to set up power plant in Indonesia

A consortium led by Madhucon Projects Ltd has received a letter of intent to set up a 300 MW (2×150 MW ) mine mouth coal fired power plant at south Sumatra in Indonesia.

The group will set up two units of 150 MW each near an existing mine run by PT Madhucon Indonesia at Dawas. To execute the project a special purpose vehicle will be set up in which Madhucon Projects will hold 65% stake. The remaining 35% stake will be owned by Madhucon group companies.

The SPV will enter into a 25-year power purchase agreement with PT PLN Perseo, an Indonesian government company.

Madhucon Projects is part of the Hyderabad-based Madhucon Group, with interests in infrastructure. The company owns the Dawas site, which has reserves of 900 million tonnes over an extent of 8,600 acres.

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