TPC announces financial closure of Mundra project
Tata Power (TPC) on Thursday announced the financial closure of its 4,000-mw ultra mega power project (UMPP) at Mundra in Gujarat.
By TNN |
NEW DELHI: Tata Power (TPC) on Thursday announced the financial closure of its 4,000-mw ultra mega power project (UMPP) at Mundra in Gujarat. The financial agreements have been signed under the company���s special purpose vehicle (SPV), Coastal Gujarat Power (CGPL). The project cost is estimated at Rs 17,000 crore.
The project is financed through an equity of Rs 4,250 crore, external commercial borrowings (ECB) of around $1.8 billion (about Rs 7,200 crore) and rupee loans of up to Rs 5,550 crore. SBI Caps are the financial advisors and mandated lead arranger for rupee loans.
The first of the five units is expected to be commissioned by September 2011 and the entire plant is expected to be commissioned by end-2012. Tata Power managing director Prasad R Menon said, ���The signing of the financing agreements for Mundra UMPP is an important milestone. The terms of debt financing provides us long tenure of loans, supporting our competitive bid price assumptions.���
The project is financed through an equity of Rs 4,250 crore, external commercial borrowings (ECB) of around $1.8 billion (about Rs 7,200 crore) and rupee loans of up to Rs 5,550 crore. SBI Caps are the financial advisors and mandated lead arranger for rupee loans.
The first of the five units is expected to be commissioned by September 2011 and the entire plant is expected to be commissioned by end-2012. Tata Power managing director Prasad R Menon said, ���The signing of the financing agreements for Mundra UMPP is an important milestone. The terms of debt financing provides us long tenure of loans, supporting our competitive bid price assumptions.���
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