Track-Record

New Market Power Company

  • Think and its partners managed the acquisition and operations of a 443 MW portfolio of gas fired merchant power plants in New Jersey through Newmarket Power Company LLC (“Newmarket”)
  • The acquisition was financed by Think and Trust Company of the West (“TCW”), a Los Angeles based Investment Company with over $ 144 billion under management
  • The operations of Newmarket included daily electricity and gas trading for the three power plants, selling electricity into the Pennsylvania, Jersey, Maryland (“PJM”) interconnect
  • Newmarket also focused on hedging its long terms positions through Tolling Contracts with major utilities operating in PJM
  • Newark Bay has two dual fuel (natural gas/Kerosene) Westinghouse 251B12 combustion turbines and one Mitsubishi steam turbine; Camden has one dual fuel (natural gas/Kerosene) GE Frame 7EA combustion turbine with inlet chiller and one GE steam turbine, and Bayonne has three dual fuel (natural gas/Kerosene) GE Frame 7B combustion turbine with and one GE steam turbine
  • GE Energy Services and Wood Group were the O&M Contractors
  • Think exited from Newmarket by sale of their interests to Morris Energy Group and TCW in 2007

Spectrum Power Generation

  • Spectrum Power Generation Limited (“SPGL”) operates a 208 MW gas fired power project in Kakinada, Andhra Pradesh, India. It is one of the first independent power projects implemented under the privatization program of the Government of India and was commissioned in 1998
  • SPGL experienced many issues ranging from promoter disputes, technical challenges, contractual disputes and with the State Utility, as well as financial issues with the project lenders. As a result, the project lenders took over the management of the company in 2003
  • Around 2004 through 2005 Think purchased the distressed equity of the US Promoter and other US investors. Subsequently, Think worked with Rolls Royce Power Ventures, UK (“RRPV”) another equity investor in SPGL in order to restructure and turnaround SPGL
  • Thereafter, Think helped turn around SPGL and participated in a financing round of INR 1,500 Crores of equity as part of debt restructuring deal with project lenders
  • During this period, SPGL performed on multiple front – from the O&M improvements that led to better plant load factors, cost reduction measures which improved the bottom line, strengthening the balance sheet, and solving other SPGL issues. By 2009, SPGL was rated one the best performing power plants in India
  • Think exited from SPGL before 2010

Telangana Solar Projects

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  • Think Energy, in partnership with Solarpack Corporacion Technologica S.L., a Spanish multinational integrated management company focusing on Solar PV energy generation, operates 6 solar plants in Telangana with an aggregate capacity of 104 MW
  • These plants are located in Achampet (13 MW), Padmajiwadi (13 MW), Renjal (19.5 MW), Ghanpur (19.5 MW), Gummadidala (19.5 MW) and Thukkapur (19.5 MW)
  • These Projects have been financed by Power Finance Corporation through long term debt at competitive terms
  • All the power generated in these plants is being sold to Telangana Discoms under a long term 25-year Power Purchase Agreement
  • These Projects are powered with 3.2 Lakh Trina Solar modules. Trina Solar is a Tier-1 Module Manufacturer
  • These Projects will help the State reduce its carbon footprint by displacing 154k tonnes of CO2 emission per annum (equivalent to planting 7.32 million mature trees) and illuminate 145k homes
  • Think Energy continues to manage these plants 

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