Anil Ambani group company, Reliance Power is chalking out plans to raise over Rs 20,000 crore in the current financial year to fund its various projects. It had also raised similar amount of funds in financial year 2009.

Reliance Power's Chairman, Anil Ambani, said: "We are on course to raise Rs 20,000 crore of debt this fiscal, having made significant progress in getting appraisals and sanctions for our Krishnapatnam UMPP."

Addressing the annual general meeting of company, Mr. Ambani said that the firm will continue to invest in new development projects in future as well, expediting work on existing projects ahead of schedule.

The firm is doing its best to commission the Sasan project in Madhya Pradesh by almost three-years and plans to sell power at Rs 1.19 per kwh for 25 years. The company has already bagged three UMPPs development projects at Sasan
(MP), Krishnapatnam (AP) and Tilaiya in Jharkhand, having combined capacity to produce 5,000 MWs of power.

A statement by the firm said: "Reliance Power has raised over Rs 20,000 crore to fund three projects aggregating 5,000 MW."