Monnet Power Company (MPCL), a subsidiary of Monnet Ispat & Energy, has financially closed its 1,050 megawatts (Mw) power project at Angul, Orissa with the signing of about Rs 3,800 crore loan agreement with a consortium of lenders led by Infrastructure Development Finance Company (IDFC).
While MPCL received the sanctions of raising the money by way of debt from its consortium of lenders in March 2010, due to the documentation formalities the company is making the financial closure today. Recently, MPCL successfully raised Rs 275 crore by giving 12.5 per cent stake to Blackstone group in July.
The total cost of the project is about Rs 5,000 crore and the funds raised in MPCL will be deployed in implementation of 1,050 megawatts Power Project at Angul, Orissa. MPCL shall be putting up two turbines of 525 Mw each, totaling up to 1,050 Mw. The two turbines will go into operation with the lag of three months in the second half of 2012.