Essar Energy says Gujurat power plant now fired up
Essar Energy, the India-focused integrated energy company, says that commercial operations have begun at its 1,200 megawatt (MW) Salaya I power project.
Essar Energy, the India-focused integrated energy company, says that commercial operations have begun at its 1,200 megawatt (MW) Salaya I power project.
Unit 1 is now providing up to 600MW to the grid while Unit 2 (also 600MW) has been "synchronised" and is expected to begin commercial operations in the coming weeks.
The coal-fired Salaya I project is located in Gujarat state and is being built at a total investment cost of $1.1bn. Most of the power produced will be sold to the Gujarat state electricity utility, GUVNL, under a long-term contract.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Naresh Nayyar, the Chief Executive Officer of Essar Energy, said: "The commissioning of the first unit at Salaya is another major milestone for Essar Energy and we are also making good progress at our Mahan I and Vadinar phase 2 projects. These projects combined will add 2,910 megawatts to our generating capacity and will improve our revenues and profitability."
Over the last 12 months Essar shares have dropped 66%.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Zoopla: House prices slows to 1.4% in May as rate of sales at four year high
The average UK property now costs £268,400, Zoopla says, but some areas of the country are experiencing much higher price growth than others.
-
FCA reveals 'once in a generation' advice changes - what the reforms mean for you
Consumers to get free access to financial advice type help for pensions and investment following proposed changes from the regulator