To tap the large natural gas reserves of Tripura, Oil and Natural Gas Corporation Limited (ONGC) and IL&FS, with IDFC and the Government of Tripura promoted the ONGC Tripura Power Company Limited (OTPC), the Special Purpose Vehicle that houses the 726.6 MW Combined Cycle Gas Turbine thermal power project at Palatana. The project supplies power to Tripura's neighbouring states, and has attracted unprecedented investments to the North Eastern Region.
Innovations and Impact
- The North Eastern Region (NER) predominantly had hydro power generation. OTPC, providing 24X7 base load availability of power, has contributed 3,480 MU to the NER grid in the overall consumption of 13,736 MU ( i.e. 25%) in FY 2016.
- The project has already led to investments to the tune of Rs 100 bn, perhaps the single largest investment in the NER. Investment of another Rs 100 bn is proposed in the next 5 years to expand the project capacity, ramp up gas supply by ONGC, and for other infrastructure.
- OTPC project is one of the biggest CDM projects in the world. It will help mitigate over 1.6 million tonnes of carbon dioxide emissions per year for the next 10 years.
Link to the project website. All information on the project, contractual arrangements , power sale and regulatory filings are available
ONGC is the leader in Exploration & Production (E&P) activities in India contributing 72 per cent to India’s total production of crude oil and 48 per cent of natural gas
IDFC is a leading finance company in India providing services ranging from infrastructure financing, infrastructure development & investment banking