TEESTA III HEP: Chief Minister P.S. Golay Submits Urgent Refinancing Need To Union Power Minister

Chief Minister P.S. Golay yesterday met Union Power Minister R.K. Singh at New Delhi regarding State-owned 1200 Mw Teesta-III hydroelectricity project (HEP).

An IPR release informs that the Sikkim Chief Minister, at the meeting with the Union Power Minister, brought out the urgent need of prompt structured take out/refinancing of 1200 Mw Teesta III HEP to, operating from Chungthang in North Sikkim.

Golay indicated that this project isn't solely the second largest hydro project in India but conjointly become a Government of Sikkim project, after the intervention of Union Power Ministry on August 6, 2015, once it had been stressed project. The project continues to stay underneath severe stress because of its restructuring not been carried out by its project lenders.

The monetary stress of this project is thus intense that if the restructuring isn't been carried out the project could fall into the Nonperforming Asset (NPA) on December 27 this year, submitted Golay.

It was conjointly advised that this project isn't solely the second-largest hydropower projects of the country but its operational potency is so sensible that it's already generated the planning energy target of 5217 million units on November 10, 2019, itself and whatever energy would be generated throughout the remain 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 (PFC) and Rural Electrification Corporation (REC) within seven days to avoid the Teesta-III HEP slipping into NPA category.

At the meeting, the Chief Minister brought out 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 Power minister assured Golay that the Union ministry would be extending all requisite help to handle the considerations and grant of monetary help would be lined underneath the forthcoming central government initiative/programmes very soon, the IPR release mentions.

Meanwhile, the Chief Minister met Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy at the lounge of Indira Nehru Gandhi International Airport, Delhi this afternoon.

During the meeting, Golay congratulated Reddy for his massive triumph within the Andhra Pradesh Assembly elections this year.

Similarly, Reddy conjointly congratulated Golay for forming government in Sikkim.

During the brief interaction, they talked regarding various developmental works stepping into their several States and conjointly appreciated the kind of development that both Sikkim ad Andhra Pradesh has seen within the recent past, the IPR release informs.

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