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PTC India seeks fresh bids for 300 MW Panan project in Sikkim

Implementation agreement with Himagiri Hydro Energy, which was earlier awarded the project, lapsed on Sept 7PTC India Financial Services has sought renewed bids for the 300 MW Panan Hyower Project as Himagiri Hydro Energy, which was awarded the project, has not been able to achieve financial closure.Financial closure is achieved when all agreements with banks and financial institutions for funds are made and all the conditions precedent to initial drawing of debt are satisfied.Hyderabad-based Himagiri Hydro Energy was awarded the $383-million Panan project in 2005. The implementation agreement with the Sikkim state government lapsed on September 7, according to sources.An e-mail sent to PTC Financial did not elicit a response. The Sikkim Go.....

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