Barge deal signed in India

Barge deal signed in India

Engineering Power Systems (EPS) has signed a deal with Seaking Limited of India to develop, finance, construct and operate a barge-mounted combined cycle power generation plant in Karnataka, India. The 210 MW power plant will start commercial operation in 2001 and will sell its output to the Karnataka Electricity Board (KEB).

The two companies have established a new company, Euro-India Power Canara (Private) Ltd. (EIPCL), to develop the project. EIPCL has signed a power purchase agreement with the KEB for a seven year term and two optional five-year extensions. The plant will operate on naphtha supplied by the India Oil Corporation under a fuel supply agreement. The anticipated project cost is $180m, according to EPS.

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