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Renewed bids have been sought by PTC India Financial Services for the 300 MW Panan Hydropower Project.

The $383-million Panan project was awarded to Himagiri Hydro Energy in 2005, but as it was not able to achieve financial closure it has been assigned to PTC India Financial Service.

Its agreement with the Sikkim government also lapsed on September 7.

This joint venture project proposes to construct a dam across the Rangyongchu river, at the foot of Lingzya village in North Sikkim.

The government will also infuse 26 per cent equity into the project.

The last date for bid submission for the project is October 9.

According to industry insiders, the Hyderabad-based Himagiri Hydro Energy could nor achieve the financial closure because of strong opposition from the locals in Dzongu, where the project is slated to come up.

They even failed to obtain clearances from the National Board of Wildlife for the project.

The project site is located within 10 km from the Kanchenjunga National Park and the Biosphere Reserve.

“Himagiri had no previous experience of building hydropower projects,” the locals alleged.

“All the necessary clearances have now been got,” said a source.

The Panan hydro project in Sikkim is one of a group of three stalled hydro projects in the state.

500MW Teesta VI project and the 120 MW Rangit IV project are the other two projects.


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