Indiabulls Power Ltd is a unit of Indiabulls Real Estate Ltd. The company focuses on developing, constructing, and operating power projects in India and internationally. They participate in various coal based thermal, hydro, and renewable energy projects, as well as in coal mining opportunities. The company is developing five thermal power projects with an aggregate installed capacity of 6,615 megawatts. These projects include, Amravati Phase-I, Amravati Phase-II, Nasik in Maharashtra; and Bhaiyathan Thermal Power Project and Chhattisgarh Power Project in Chhattisgarh. It is also developing four medium sized hydro-power projects aggregating to 167 megawatts in Arunachal Pradesh.
Indiabulls Power Ltd was incorporated on October 8, 2007 as Sophia Power Company Ltd. The company was established to capitalize on emerging opportunities in the Indian power sector. In October 25, 2007, the Government of Arunachal Pradesh entered into a memorandum of agreement with Indiabulls Real Estate Ltd for the execution of the 30 MW Tharang Warang Hydro Electric Project, 31 MW Pichang Hydro Electric Project, 46 MW Sepla Hydro Electric Project and 60 MW Phangchung Hydro Electric Project. In December 17, 2007, the company received the letter of support from Government of Maharashtra for the Amravati Phase I Power Project.
In April 2, 2008, the company received the letter of intent from Chhattisgarh State Electricity Board for the proposal and bid in relation to the Bhaiyathan Power Project. In June 6, 2008, the company signed an MoU with the Government of Jharkhand with regard to the establishment of 1,320 MW coal fired thermal power project in Jharkhand. In July 30, 2008, they signed an MoU with the Government of Madhya Pradesh for the establishment of a 2,640 MW coal fired thermal power project in Chhindwara, Madhya Pradesh.
In October 13, 2008, Indiabulls CSEB Bhaiyathan Power Ltd. a subsidiary company entered into a long term power purchase agreement with Chhattisgarh State Electricity Board in terms of which 65% of the installed capacity of the Bhaiyathan Power Project to be sold to Chhattisgarh State Electricity Board. In November 3, 2008, the company received the letter of support from Government of Maharashtra for the Nashik Power Project. In December 2008, as per the scheme of arrangement, Indiabulls Power Service Ltd was amalgamated with the company with effect from April 1, 2008.
In April 29, 2009, the company signed an MoU with Maharashtra State Electricity Distribution Company Ltd for procuring generation capacity and for the purchase of electricity on a long term basis. The company is developing the Stage I of the 1,320 MW of the 2640 MW Amravati Thermal Power Plant and has offered generation capacity in aggregate of 1000 MW as well as sale and supply of electricity in bulk there from to Maharashtra State Electricity Distribution Company Ltd for a term of 25 years.
In June 5, 2009, the company entered into a power purchase agreement with Tata Power Trading Company Ltd for sale of upto 1,000 MW of power to Tata Power Trading Company Ltd from their Amravati Phase I Power Project. In July 2009, the name of the company was changed from Sophia Power Company Ltd to Indiabulls Power Ltd.