CM lobbies for Stage-III refinancing, gets Ministry nod

December 7, 2019

New Delhi, 06 Dec [IPR]: Chief Minister PS Tamang [Golay] met the Union Minister for Power, RK Singh, in New Delhi on Thursday.

He brought out the urgent need of expeditious structured take out/ refinancing of the 1,200 MW Teesta Stage III Hydroelectric Project, indicating that this project was not only the second largest hydel project in India but has also become a Government of Sikkim project after the intervention of Union Power Ministry on 06 August, 2015 when it was declared a stressed project.

The project continues to remain under severe stress because of its restructuring not being carried out by the project lenders. The financial stress of this project was so intense that if the restructuring is not carried out, the project could fall into the Non Performing Assets (NPA) category on 27 December 2019.

The Union Minister was also informed that the project’s operational efficiency was so good that it generated the designed energy target of 5,217 million units on 10 Nov, 2019 itself and whatever energy is generated during the remainder of the financial year would be a bonus.

Appreciating the concerns raised by the Chief Minister, the Union Power Minister agreed and assured the restructuring/ structured take out finance by Power Finance Corporation and Rural Electrification Corporation within seven days to avoid its slipping into NPA category.

The Chief Minister brought up some pressing issues of the State Power Sector which included, expeditious clearance of pending schemes; North East Special Infrastructure Development Scheme (NESIDS); Deen Dayal Uapadhyaya Gram Jyoti Yojana (DDUGJY); Integrated Power Development Schemes (IPDS); grant of financial assistance for installation of smart meters in pre-paid mode throughout the State; and central assistance for developing small green hydroelectricity projects.

The Union Minister assured the Chief Minister that the Ministry will extend all requisite assistance to address the concerns and grant of financial assistance under the forthcoming central government initiative/programmes very soon.

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