Industries
50,000+ MW assessed across thermal, hydro and captive generation — Sasan, Adani, Essar, GMR, RattanIndia, Reliance Power and more. 40+ power-plant assignments.
Sector overview
Kakode & Associates has valued or monitored more than 50,000 MW of generating capacity: supercritical and subcritical coal plants, gas-based captive units, run-of-river and storage hydro, biomass and utility-scale solar. Assignments include the asset valuation of the 3,960 MW Sasan ultra mega power project for an SBI-led consortium, twelve Reliance Power hydro-electric projects totalling 5,172 MW, and stressed thermal assets valued for asset reconstruction companies and resolution professionals.
Reports are prepared by in-house electrical, mechanical and chemical engineers and presented to consortium lenders, Independent Evaluation Committees under RBI’s 5/25 flexible structuring scheme, and NCLT-appointed resolution professionals. Ind AS fair-value reporting has been delivered for the Rosa (1,200 MW) and Vidarbha (600 MW) plants.
Industry challenges
Merchant exposure, PPA renegotiation and the gap between contracted and achievable tariffs decide whether debt service holds. We model plant-level cash flows under contracted, merchant and blended scenarios.
Linkage status, e-auction dependence, imported-coal blending and calorific-value shortfalls move variable cost more than any other input. We verify fuel-supply agreements, logistics and delivered coal quality against the design basis.
Residual life, plant-load-factor history, deferred maintenance and emission-norm retrofits determine whether an older unit is a going concern or a stranded cost. Our engineers inspect the boiler, turbine and balance of plant themselves.
Fair value and liquidation value for a thermal asset need a plant-specific view of restart cost, PPA transferability and regional demand, not a rule-of-thumb figure per megawatt.
Our solutions
Independent viability of new, expansion and retrofit capacity, including boiler erection and flue-gas desulphurisation scopes, for sanction and restructuring.
Learn moreMilestone verification, cost-to-complete and disbursement certification through erection, commissioning and commercial operation.
Learn moreLand, building and plant & machinery valuation for security creation, RBI 5/25 evaluation committees, Ind AS fair value and IBC resolution.
Learn moreTrack record
| Project | Capacity | Service | Project cost |
|---|---|---|---|
| Reliance Power, 12 hydro-electric projects (Arunachal Pradesh, Himachal Pradesh, Uttarakhand) | 5,172 MW | Asset valuation | ₹35,000 Cr |
| Sasan Power, Madhya Pradesh (6 × 660 MW) | 3,960 MW | Asset valuation for an SBI-led consortium | ₹25,000 Cr |
| KSK Group thermal project (6 × 600 MW) | 3,600 MW | Asset valuation for a PFC-led consortium | ₹28,500 Cr |
| Lalitpur Power, Uttar Pradesh (3 × 660 MW) | 1,980 MW | Asset valuation for an SBI-led consortium | ₹19,000 Cr |
| RKM Powergen, Chhattisgarh (4 × 360 MW) | 1,440 MW | TEV of boiler erection and commissioning, Bank of Baroda | ₹8,640 Cr |
| GMR Chhattisgarh (2 × 685 MW) | 1,370 MW | Asset valuation for an Axis Bank-led consortium | ₹7,660 Cr |
| Adani Power, Rajasthan (2 × 660 MW) | 1,320 MW | Asset valuation for an IDBI-led consortium | ₹19,000 Cr |
| Essar Power MP (2 × 600 MW) | 1,200 MW | Asset valuation for an SBI-led consortium | ₹9,200 Cr |
In numbers
Installed or planned capacity in MW. Source: Kakode & Associates engagement records.
Case study
Renewable Energy
Techno-Economic Viability study across two locations covering 152 MW wind, 500 MW solar and 600 MW of battery energy storage.
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Project Monitoring Agency across ten construction projects including CIDCO Navi Mumbai, MHADA and the Karwar Naval Base.
Project Monitoring
