NEW DELHI: In a major initiative to augment the power generation capacity, the Power Finance Corporation Limited (PFC) on Monday transferred Coastal Gujarat Power Limited (CGPL), the special purpose vehicle (SPV) established to develop the 4,000 MW Mundra Ultra Mega Power Project, to Tata Power Company Limited.

Documents relating to transfer of SPV were exchanged between PFC and Tata Power Company at a function held in the presence of Union Minister of Power Sushil Kumar Shinde, Secretary (Power), Anil Razdan, and senior officials. The identified beneficiary States in terms of allocation of power from the proposed project are: Gujarat (1,900 MW), Maharashtra (800 MW), Punjab (500 MW), Haryana (400 MW) and Rajasthan (400 MW).

With this, the Mundra project, located in Gujarat, has become the first project under the ultra mega power project initiative to be transferred to the bidder. Earlier, Tata Power emerged as the successful bidder through the tariff based competitive bidding process by submitting the lowest tariff bid of Rs. 2.26 per unit (levelised tariff for 25 years with first year tariff at the rate of Rs. 1.91 per unit).

The Mundra project (5 x 800 MW) is to be based on imported coal. The project would use `super critical technology' with a view to achieving higher levels of fuel efficiency, which results in saving of fuel and lower greenhouse gas emissions.

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