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Our Bureau

New Delhi , March 3

The US power major AES Corporation today announced an investment of $1.2 billion for setting up a coal-fired 1,000 MW plant in Chhattisgarh.

The company today signed an MoU with the Chhattisgarh Government, under which it will develop, construct, own and operate the plant, which will be integrated with a captive mine.

The company will invest the amount for the project through its subsidiary AES India Pvt Ltd, which has already begun a feasibility study to identify the location and other requirements for the project, the company said in a statement here.

"India needs more capacity and they need it quickly in order to keep up with this tremendous growth," Mr Paul Hanrahan, AES President and Chief Executive Officer, said in the statement.

"Upon operation, the plant would supply electricity to the power deficit States in India," the statement said.

At present, AES owns 49 per cent of the equity of OPGC and two 210 MW power generating projects in Orissa.

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