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Public–private Partnership in power sector is another significant development in the domain of power sector reforms. The Ultra Mega Power Projects which are based on Public–Private Partnership, are perceived as harbingers of change in the power sector. This article focuses on the study of Ultra Mega Power Projects, with special reference to Sasan and Mundra projects which are the first two Ultra Mega Power Projects that have achieved financial closure. The article is conceptual and uses secondary source of information. The article makes a critical evaluation of Ultra Mega Power Projects. In the process, the article dwells at length on the factors that contribute to the cost-effective power generation by these projects. It also examines the factors that favour the growth of these projects. The article also examines the emerging issues and challenges related to these projects that need due attention. JEL Classification: L-94
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