NTPC has terminated a contract it signed with Virdi Power in 2015, which included the manufacturing and installation of five modular gensets for the Jackfish Lake Power Generating Station. Three units were delivered and successfully commissioned in late 2017 after two years of delay.
NTPC has lost confidence in Virdi Power’s ability to successfully deliver the final two modular gensets. Termination of the contract was determined to be in the best interest of the NTPC shareholder and customers and to ensure the reliability of the Jackfish Station.
Under the terms of its contract with Virdi, NTPC does not expect to be charged for any work done prior to termination of the contract for breach of a fundamental condition, which in this case is schedule.
Further information will be provided when it becomes available.