Located in Dhenkanal district of Odisha, GMR Kamalanga Energy is a 1050 megawatt (MW) coal based power plant that has fuel linkages with Mahanadi Coal Fields, one of the major coal producing subsidiaries of Coal India Ltd. The plant is strategically located close to the coal belt and has a 15% untied capacity to benefit from the merchant market, according to the company’s website.
The plant also has a long term power purchase agreement with Grid Corporation of Odisha, Uttar Haryana Bijli Vitran Nigam, as well as Bihar State Electricity Board.
For the quarter ended 30 June, the Kamalanga plant had sales of ₹554.3 crore, earnings before interest, tax, depreciation and amortization (EBITDA) of ₹171 crore and losses of ₹33 crore.
The development comes as the GMR Group is monetizing its assets in road and power sectors to reduce its debt. While the net debt of GMR Infrastructure Ltd. (GIL) stood at ₹22,520 crore, its energy business (excluding the under construction Bajoli Holi Project) comprised ₹8,400 crore of GIL’s debt, as of 30 June.
In August, Adani Power acquired 52.38% stake in GMR Chhattisgarh Energy Ltd from its consortium of lenders at an enterprise valuation of about ₹3,530 crore. The plant owns and operates a 1,370 MW (2 X 685 MW) power plant at Raikheda village in Raipur.
In May, GIL got lenders’ approval for its debt resolution plan for the natural gas-based power plant subsidiary GMR Rajahmundry Energy Ltd. (GREL) with the IDBI Bank-led consortium of lenders. GMR Rajahmundry Energy operates a 768 MW natural gas-based power plant at Rajahmundry in Andhra Pradesh.