Punjab Chief Minister Bhagwant Mann announced that the state government has acquired a 540-megawatt private thermal power plant located in Goindwal Sahib. Previously owned by GVK Power, the plant has been purchased for Rs 1,080 crore," Mann stated during a press briefing. "This marks the first instance of a government buying a private power plant," he added. "At a cost of Rs 1,080 crore, equivalent to Rs 2 crore per megawatt, this acquisition stands as the most cost-effective purchase in the country.
"This marks a new reversal in the trend, where the government has taken the unprecedented step of acquiring a private power plant, unlike previous administrations in the state, which tended to sell assets to favored individuals at significantly reduced rates", he noted. Last July, Punjab State Power Corporation Limited (PSPCL) submitted a bid to assume control of the 540-megawatt private thermal power plant located in Goindwal Sahib. This independent power plant spans across 1,100 acres of land in Tarn Taran.
Mann disclosed plans to rename the power plant as Sri Guru Amardas Thermal Power Plant in honor of the third Sikh Guru. Additionally, he announced the intention to reassess the power purchase agreement (PPA) for procuring solar power in the state. Highlighting that the government had previously procured solar power at Rs 2.54 paise per unit, while considerably higher rates, such as Rs 15, were paid during previous tenures, he emphasized, "This will be thoroughly reviewed, and those responsible for causing losses to the state treasury will be held accountable".