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Essar House, 11 KK Marg,Essar Power is one of India’s first private sector independent power producer having a successful track record of 25+ years. It has a power generating capacity of 2070 MW across four plants in India and Canada. Essar is also foraying into renewable energy starting with a plan to set up a 90 MWp PV Solar power plant in Dhatia, Madhya Pradesh. Essar Power has also invested in the transmission business and constructed a 465-km interstate transmission system which spans across three Indian states.
Essar Power has invested about USD 4.2 billion in the power portfolio, which includes USD 1.5 billion of equity. The company aims to bring down leverage in its balance sheet from USD 1.5 billion currently to about USD 1 billion. The deleveraging efforts include the debt restructuring in the IPPs, which were affected by the cancellation of coal mines and unviable pricing of imported thermal coal. Essar Power is in advanced stage of discussions with its lenders to restructure all it’s existing debts. The Company has put together a clear programme to address the challenges faced by the IPPs and is confident of overcoming them in the current year.
Essar Power has targeted to decarbonise its Power portfolio to reduce carbon emissions, help mitigate climate change and support the Paris Agreement’s target to keep the increase in global average temperature to well below 2 °C above pre-industrial levels. In line with this, Essar Power has planned to foray into the renewable sector with a major focus on PV Solar, Battery Storage, Electric Vehicle, Integrated Water & Power Projects, Biomass and Wind energy.