New Delhi-headquartered power trading company Manikaran Power Limited (MPL) has announced it has signed a Memorandum of Understanding (MoU) with South Korea-based KEPCO Plant Service and Engineering Co. Ltd. (KEPCO KPS) to acquire and operate stressed power plants in India.
Stressed power plants are those plants which are not able to pay bank loan. In some cases, they might be plants without power purchase agreements also.
“The partnership will work on the concept of acquire, revive, add value, and operate to contribute in Nation-building,” said Jasmeet Singh Kalsi, director, MPL in a company statement.
Both companies have agreed to contribute their respective skills, resources, and know-how to acquire and revive stressed assets in the power sector.
“This understanding will create a strong combination of two capable groups coming together and reviving stressed power assets in India, as both companies are pioneers in their areas of expertise,” the statement added.
KEPCO KPS specializes in operation and maintenance services of thermal, nuclear and hydro energy facilities with an existing portfolio of more than 52 GW in Korea and overseas operation and maintenance portfolio of about 6 GW. It also provides commissioning and overhauling services, power plant diagnosis, lifetime management, and performance-enhancing services to energy facilities.
Manikaran Power Limited traded more than 9 billion units of power over different platforms in the previous financial year. It has also diversified into other power domain segments, such as analytics (with a focus on forecasting and scheduling services for wind and solar plants), solar engineering, procurement and construction, and coal and gas trading.
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