Rel Power achieves financial closure of Krishnapatnam UMPP

Rel Power achieves financial closure of Krishnapatnam UMPPAnil Ambani’s Reliance Power has said that it has attained financial closure of around Rs 17,500 crore for its power project at Krishnapatnam, Andhra Pradesh.

It is a 4,000 MW coal-fired project which will be funded in 75 parts debt and 25 parts equity. This coal fired project is the biggest in South India, and is expected to provide power at a tariff of Rs 2.33 per unit to the states of Andhra Pradesh (1,600 MW), Maharashtra (800 MW), Tamil Nadu (800 MW) and Karnataka (800 MW).

The financial arrangements are being looked into by a consortium with more than 15 banks and financial institutions participating in the same.

The highest amount of Rs. 13,125 crore was arranged by IDBI Bank.

The banks participating in the consortium include Rural Electrification Corp, LIC, UCO Bank, and Union Bank among many various others.

A significant milestone has been created by the Krishnapatnam financing, as the implementation of more than 37,000 MWs are undertaken by Reliance Power.