Coastal Energen, the power generating flagship company of Dubai-based Coal & Oil Group, has received additional financial assistance for its power project at Melamaruthur in Tuticorin district of Tamil Nadu.
The company has received Rs 1,600 crore for the 1,200 MW power project. The project, which is presently is under construction, is estimated to cost Rs 5,200 crore.
Coastal Energen is executing the project in two units, each with 600 MW capacity. The entire project is expected to be commissioned in June 2014.
This latest sanction will contribute to last mile funding and address cost escalation due to recent steep rupee devaluation, among other things.
Related Link:
Project profile