Mumbai October 1:
Billionaire Anil Ambani's Reliance Power said it has got the nod from the Reserve Bank of India to raise USD 2.2 billion from U.S. Exim and Chinese banks for its flagship Sasan 3,960 megawatt ultra mega power project in Madhya Pradesh.
Sasan Power Limited, a fully-owned subsidiary of Reliance Power, which is executing the flagship project, will receive USD 1.1 billion from Chinese banks including Bank of China, China Development Bank and Export Import Bank of China. The Export Import Bank of United States has approved funding of USD 917 million to Sasan Power Limited as part financing of the project cost of the Sasan UMPP.
“We are delighted that these prestigious financial institutions in U.S. and China have the confidence in our power generation business and are willing to provide long-term loans to us even in challenging global conditions,” said J.P. Chalasani, the Chief Executive Officer of Reliance Power. “It reduces our cost of debt and widens our source of funding for the Sasan project,” Chalasani added. The funding from Chinese banks represents the first-ever project financing done by Chinese banks. In addition to the funding from U.S. and Chinese banks, the Sasan project has also got USD 150 million financing from other sources.
Billionaire Anil Ambani's Reliance Power said it has got the nod from the Reserve Bank of India to raise USD 2.2 billion from U.S. Exim and Chinese banks for its flagship Sasan 3,960 megawatt ultra mega power project in Madhya Pradesh.
Sasan Power Limited, a fully-owned subsidiary of Reliance Power, which is executing the flagship project, will receive USD 1.1 billion from Chinese banks including Bank of China, China Development Bank and Export Import Bank of China. The Export Import Bank of United States has approved funding of USD 917 million to Sasan Power Limited as part financing of the project cost of the Sasan UMPP.
“We are delighted that these prestigious financial institutions in U.S. and China have the confidence in our power generation business and are willing to provide long-term loans to us even in challenging global conditions,” said J.P. Chalasani, the Chief Executive Officer of Reliance Power. “It reduces our cost of debt and widens our source of funding for the Sasan project,” Chalasani added. The funding from Chinese banks represents the first-ever project financing done by Chinese banks. In addition to the funding from U.S. and Chinese banks, the Sasan project has also got USD 150 million financing from other sources.
