Monnet Power would receive Rs. 275 crore investments from Blackstone Group for its greenfield power plant in Orissa. Blackstone Group would acquire a 12% stake in Monnet Power.

Monnet Power Company Limited (MPCL), a wholly owned subsidiary of Monnet Ispat and Energy Ltd. It is into generation, distribution, etc. of conventional or non-conventional electricity and energy.Its Orissa thermal power plant would have a capacity of 2X525 megawatts (mw) and is expected to cost Rs 5,092 crore(USD 855 million). It will be funded through a mix of equity capital and debt. It is likely to start its first unit in July, 2012 & secont unit in October’2012. The power generated from this station shall be sold to Northern, Western and Eastern Region through long term open access (LOTA) through PPA route signed with PTC for this purpose. The equipment, erection is proposed to start from March, 2010 by BHEL for BTG package and by EPC Contractor for balance of plant.

21-bank consortium will fund the debt component of Rs 3,819 crore, of which IDFC has committed Rs 400 crore. Others are National Bank, Oriental Bank of Commerce, Central Bank of India, Bank of Baroda, State Bank of Hyderabad, State Bank of Mysore and State Bank of Patiala.

CARE has reaffirmed the A+ rating to the Long-term Bank Facilities aggregating Rs 8,329 million and Long-term Non Convertible Debentures/Bonds aggregating Rs 3,000 million of Monnet Ispat & Energy (MIEL) in 2009.

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KVEZAR VIEW

  DEAL TRACKER FOR

Date	Transaction	Type	Buyer	Size ($mn)
29/04/11	Monnet Power - Fund Rasing	Private Equity		293.00
01/07/10	Monnet Power - Blackstone group	Private Equity	Blackstone Advisors India Private Limited	60.00
03/01/10	IDFC - Monnet Power Company	Private Equity	IDFC Project Equity Co. Limited	87.00

 

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Date	Type	Buyer	Target	Size ($mn)	State
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03/01/12	Private Equity	JP Morgan Partners	Leap Green Energy Private Limited	18.81	Completed
15/12/11	Private Equity	Looking For	Visa Power Limited	98.80	Planned
10/12/11	M&A	ABB Limited	General Trafo	-	Completed

 

  Profiles

Fund
Name	Corpus	Target Sector	Website	KeyContact
Blackstone Advisors India Private Limited		IT/ITES/Technology Media BFSI Healthcare Travel & Leisure	http://www.blackstone.com	Amit DixitAkhil GuptaMathew Cyriac

Company
Name	Promoters	Office	Competitor	Website
Monnet Power Company Limited	Monnet Ispat & Energy Limited	Monnet Marg, Mandir Hasaud	Jindal Power Limited NTPC Limited	www.monnetpower.com

  Advisor

Kotak Mahindra Capital Company