NHPC close to taking over 9,000cr Tipaimukh project

KOLKATA, July 23 (Agencies): NHPC is close to taking over the 1500 mw, Rs 9,000 crore Tipaimukh hydel project in Manipur from Neepco. It has also entered into talks with the Nepal government for taking up new hydel projects there. Confirming the developments, NHPC chairman and managing director S K Garg said: "The project Tipaimukh will now be developed jointly by NHPC, SJVL and the Manipur govt. This project's foundation stone was laid in 2006 but nothing else has happened since then. This forced the state government to hand it over to NHPC."

"The Manipur government has decided to hand over the project to NHPC. We will hold 69% stake in the company, while SJVL will be holding another 26%. The Manipur government, on the other hand, will hold 5% in the new JV," he added. The project is estimated to cost about Rs 9,000 crore and Neepco which had originally conceived the hydel plant has already invested about Rs 5-6 crore in preparing the detailed project report, which has since then been approved. Incidentally, NHPC has recently formed another 74:26 JV with the Manipur government for a 66 mw project. The JV has been named Loktak Downstream Project.
Interestingly, the hydel power company has firmed up investments of Rs 70,000 crore till 2020 to emerge a 20,000 mw power company. During the current Five Year Plan period, NHPC has firmed up plans of investing about Rs 21,000 crore in 11 projects totaling 4,622 mw. During the 12th Plan period, it will take up 16 new projects totalling 14,000 mw which will require a total investment of Rs 70,000 crore. However, completions of these 16 projects are likely to spill over to the 13th Plan period. "During the 12th Plan period, we will spend about Rs 30,000 crore of which 70% will be debt, while the rest will be in the form of equity."

"The Centre has allowed NHPC to divest a maximum of 24% stake. Next month, when the IPO hits the market, government's holding will come down to 86.3%. The rest of 10% will be done as and when we require additional funds for our projects," said Garg. In the meantime, NHPC has completed one DPR in Bhutan and two in Myanmar. "We have completed and submitted the Mangnetchu hydel project in Bhutan. In Myanmar, DPRs for the Tamanti Hydel project and the Suzaw hydel project are complete. The Myanmar government is ready to take up the project. It is now waiting the Indian government's clearance." These two projects may be taken up by NHPC alone or in JV with companies in Myanmar.