The US power major, PSEG Global is all set to acquire a controlling equity stake in the Tannir Bhavi Power Company, which is establishing a 220 MW barge-mounted power project near Mangalore. The Mangalore-based GMR Vasavi Group currently holds the entire equity of the IPP. The project being established at a cost of Rs 800 crore, has a debt:equity ratio of 70:30. Tannir Bhavi is the only barge-mounted power project to have the clearance from the Union Ministry of Environment and Forests.