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Financial closure for Anil Ambani’s Rosa power project, Shahjahanpur
Reliance Power has achieved full financial closure for its 1,200 MW plant in Shahjahanpur. The Rosa Power Supply Ltd a wholly owned subsidiary of Reliance Power has signed the long term finance agreement with various banks and institutions led by IDBI Ltd. The Rosa project being set up in Shahjahanpur is expected to be completely operational by 2012 and will supply 900 MW to the state government owned UP Power Corporation Ltd.
The phase-1 of the project is in advanced stages of completion and company officials say that it is expected to commence power generation within this year itself, ahead of schedule. The entire project is slated to commence generation by 2012.
The banks and financial institutions which signed the loan agreements for the expansion stage include IDBI Bank, the lead lender to the project, Punjab National Bank, United Bank of India, Life Insurance Corporation of India, Andhra Bank, Axis Bank, Indian Bank, Karur Vysya Bank, State Bank of Bikaner and Jaipur, State Bank of Mysore, Syndicate Bank, The South Indian Bank, Oriental Bank of Commerce, Corporation Bank and Vijaya Bank.
With this project the Reliance ADA group would have about Rs 10,000 crore worth of investment in various projects in the state.
The expansion phase of the Rosa project has received all major approvals and clearances, according to company officials. Coal linkage from Central Coalfields Ltd from its coal mines located in Jharkhand has been obtained for supply of around 5 MTPA coal for the project. The company has also signed the Engineering, Procurement and Construction Contract and has issued the ‘Notice to Proceed’ to the Shanghai Electric Company of China.
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