Stranded asset revival: Athena Energy's Lower Demwe Hydroelectric Power Project

Last Modified: Tue Jun 26 2018 08:24:38 GMT+0530 (India Standard Time)
  • 1,750 MW
    Athena Energy's 1,750 MW Lower Demwe project on the Lohit river in Arunachal Pradesh. Awarded by the Arunachal government on a 40-year concession, the project has been stalled due to incomplete forest clearances and insufficient funds.
  • Rs. 15,000 crore
    Estimates cost of the project.
  • Rs 550 crore
    Amount Athena Energy owes to Indian Bank and Corporation Bank as working capital dues that the lenders were unable to recover from the former.
  • 13
    Number of run-of-the-river dams on the Lohit river and its tributaries that are envisaged to be constructed as part of Arunachal Pradesh’s Lohit river cascade development scheme, 7 on the Lohit river itself. Environmentalists have expressed concerns over how the large number of dams will impact water flow in the Lohit river, seriously jeopardising the habitat of the Gangetic river dolphin up to 100 kilometres downstream from the project site. Lohit touches the southern side of the Dibru-Saikhowa National Park, which is about 60 kilometres downstream from the Lower Demwe project site.
  • 2011
    Clearance was given by the then Minister of Environment and Forest and Climate Change, Jayanthi Natarajan even though all eight non-official members of the 12 member National Board for Wildlife (NBWL) standing committee had rejected the proposal while the four official members did not comment on the proposal during the meeting when the NBWL considered this project.
  • 31 May 2013
    Asset declared as a non-performing asset since Athena Energy failed to payback Rs. 330.80 crore loan granted by Indian Bank in 2011.
  • Dec 2015
    Union Tourism and Culture Ministry of the Modi govt. sends its objection to the project to the Ministry of Environment, Forest and Climate Change citing concerns that an estimated 23 lakh truckloads of debris that would be generated would destroy the holy site of Parashuram Kund.
  • 10 Oct 2017
    National Green Tribunal's Chennai bench adjudicated that the 2011 clearance "is not sustainable by law" and directed the NBWL to re-consider the issue.
  • 28 Sep 2017
    National Company Law Tribunal had ordered the commencement of Corporate Insolvency Resolution Process against Athena Demwe Power Limited, as the company fails to clear Rs. 330.80 crore owed to Indian Bank.
  • Jun 2018
    Krishnapatnam port operator Navayuga Engineering and state-run Sikkim Power Investment Corporation submit binding bids for the project. Navayuga’s bid is pegged at Rs 300 crore. Sikkim Power Investment Corporation, the first state-run utility to participate in bidding for a bankrupt company, has offered a little over Rs. 250 crore.