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Jaitapur Nuclear Power Project in a fix as another bank pulls out
The BNP Paribas group, in a letter dated June 9, 2011, written to Greenpeace has mentioned that no commitments have been made to Nuclear Power Corporation of India Limited (NPCIL) regarding the Jaitapur project.
Updated : Jul 01, 2011, 01:57 AM IST
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There seems to be no end to the difficulties the proposed 9900 MW Jaitapur Nuclear Power Project (JNPP) is facing. The BNP Paribas group, in a letter dated June 9, 2011, written to Greenpeace (which is available with DNA), has mentioned that no commitments have been made to Nuclear Power Corporation of India Limited (NPCIL) regarding the Jaitapur project.
This is contrary to the claims made by NPCIL that it has adequate funding for Jaitapur project and international banks are keen on funding it. The top level authorities of NPCIL in the past claimed that financial institutions such as BNP Paribas have given commitment to provide financial support for the JNPP.
A letter written by Baudouin Prot, CEO, BNP Paribas Group to Kumi Nadoo, executive director, Greenpeace International, has mentioned that BNP Paribas’ involvement in the project is at a primary phase as they have a basic mandatory role on the feasibility of a possible financing. This mandate incurs no obligations to provide or arrange finance but only to provide an opinion on its feasibility.
The letter also mentions that BNP Paribas has drawn up a policy in February 2011 regarding financing of nuclear power plants. “In countries concerned by a nuclear plant project, there must be national or local prevention and emergency plans that take in to account the country’s specific geographical risks, particularly the risk of earthquakes and flooding.
The nuclear plan project must include emergency plans entailing all the necessary responses to a major accident,” said the letter. The letter also mentioned that BNP Paribas plans to ask independent experts to carry out on-site audits to obtain thorough and accurate information about the nuclear project.
The financial group replied to Greenpeace after their offices world over sent letters on May 11, asking the organisation to reconsider the decision of financing JNPP. This reply may further increase the difficulties of NPCIL as two of the German banks, Commerzbank and Deutche bank, have already decided not to finance JNPP.
