Reliance Power announced that it has tied up loans of USD 1.1 billion from 3 Chinese lenders. The move was for its upcoming 3,960 MW Sasan ultra mega power project in Madhya Pradesh.
The final approval has been granted by the State Council of Government of China for Chinese banks to finance the Sasan project.
Ministries of Finance, Foreign Affairs and Commerce have also granted approval.
A Reliance Power spokesperson added, “We are happy to have the participation of large Chinese Banks and Sinosure as stakeholders in our prestigious Sasan Ultra Mega Power Project. The transaction is a testimony of their confidence in Reliance Power and in the Indian power sector. Project economics will be improved by this financing which is at competitive terms.â€
Bank of China, China Development Bank and The Export Import Bank of China, along with Standard Chartered Bank will provide the loans and insurance cover will be offered by China Export & Credit Insurance Corp.
Over 13 years is the duration of the long term loans.
The final approval has been granted by the State Council of Government of China for Chinese banks to finance the Sasan project.
Ministries of Finance, Foreign Affairs and Commerce have also granted approval.
A Reliance Power spokesperson added, “We are happy to have the participation of large Chinese Banks and Sinosure as stakeholders in our prestigious Sasan Ultra Mega Power Project. The transaction is a testimony of their confidence in Reliance Power and in the Indian power sector. Project economics will be improved by this financing which is at competitive terms.â€
Bank of China, China Development Bank and The Export Import Bank of China, along with Standard Chartered Bank will provide the loans and insurance cover will be offered by China Export & Credit Insurance Corp.
Over 13 years is the duration of the long term loans.