Lanco Infratech today informed the stock exchanges that its Vidarbha power project based in Maharashtra, has achieved financial closure.
The company has raised debt to the tune of Rs 5,549 crore to fund the project which has an estimated cost of around Rs 6,936 crore. The rest of requirement is funded by equity of Rs 1,387 crore.
A consortium of sixteen banks and financial institutions with Punjab National Bank as the lead arranger, agreed to provide the debt required for the project, the company said in an announcement to the stock exchanges.
The power project will have a power production capacity of 1,320 megawatts and will be constructed as two units of 660 megawatts each. The power project will be built on super-critical technology.