The Hindu : Other States / Orissa News : Thermal plant achieves financial closure

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Sunday, May 31, 2009
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Thermal plant achieves financial closure

Staff Reporter

BHUBANESWAR: GMR Kamalanga Energy Limited, a subsidiary of GMR Energy Limited, said it had achieved financial closure for the 1050 mw-capacity thermal power plant, which would be set up at Kamalanga village under Orissa’s Dhenkanal district.

The capital cost of the project at Rs. 4540 crore was being met through a combination of debt and equity in ratio of 3:1, GMR said in a Statement here.

The debt component of Rs. 3405 crore had been tied up with 13 banks including IDFC Ltd, Andhra Bank, Bank of Baroda, Canara Bank, Central Bank of India, State Bank of India and IDBI Bank, it said.

“IDFC is the sole debt arranger and syndicator of the debt. The equity portion of Rs. 1135 crore is being tied up by GMR Energy Limited and IDFC in the ratio of 80: 20 and the loan tenure would 16 years,” the company said.

The company said it had awarded EPC contract to the Shandong Electric Company, China. “The project has received all the required permits and clearances. The project has also obtained in-principle clearance for mega power status. The project will go on stream in the current five-year plan,” the GMR said. The company had already received coal linkage to meet the entire capacity, it said.

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