PFC Projects Ltd, an equal joint venture of Power Finance Corporation and REC Ltd, is likely to rope in technical or strategic investor partners to operate and maintain acquired stressed or non-performing assets next year.
PFC Projects Ltd (PPL) will rope in strategic investor partners through competitive bidding and the first such bid is likely to be floated next year, a source told PTI.
The joint venture has been set up for taking over stressed assets or NPA (non performing assets) in the power sector. Earlier this month, the boards of PFC and REC approved a subscription of 50 per cent equity each not exceeding Rs 50 crore each in the PPL.
“The PPL will explore both options of technical as well as strategic partners for running the acquired stressed power plants. It will select a technical or strategic partner for each acquired stressed project through competitive bidding. First such bid is likely next year.” At present, the company has bid for two stressed projects—3600 MW KSK Mahanadi Power project and 1920 MW Lanco Amarkantak Power project. The company filed a joint bid with state-run power giant NTPC for the 3600 MW KSK Mahanadi Power project.
The company will require a technical or strategic investor partner for the 1920 MW Lanco Amarkantak Power project.
The source said that the company is likely to invite bids for a technical or strategic investor partner next year as the stressed project is undergoing insolvency proceedings which may conclude in 2023.
The company will choose an investor partner for each acquired project. The PFC is a non-banking finance company under the administrative control of the Ministry of Power for financing projects in the sector. The PFC Board on August 12, 2022 accorded approval for creation of Power Asset Management Company (PAMC) for taking over the stressed/NPA power assets.