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The state govern ment is planning to buy electricity from “merchant” power plants. Earlier, these plants could sell power to private consumers directly without government intervention.
“The new energy policy has seen a spurt in merchant plants,” said Mr A. Punna Rao, energy consultant. But their hopes of gaining a market share were dashed as banks were not keen on funding the projects. With no guarantee from the government with regard to the power purchase, the banks backed off.
Hinduja and BPL projects, which failed to achieve financial closure in time, want the government to purchase power.
“We are planning to buy 20 to 30 per cent of the installed capacity so that the companies can get financial closure with banks,” said a senior energy official.