Anil Ambani group firm Reliance Power today said it has achieved financial closure for its 1,200 MW Rosa power project in Uttar Pradesh.
Rosa Power Supply Co Ltd, a wholly-owned subsidiary of Reliance Power, yesterday signed financing agreement for long term loan with various banks and financial institutions led by IDBI Ltd, Reliance Power said in a statement.
Market sources said the company has already raised Rs 2,000 crore for the said project.
Rosa would entail an investment of over Rs 10,000 crore, and would be one of the larger private sector investments in Uttar Pradesh, the statement added.
The company has tied up for financing with several banks including IDBI Bank, the lead lender to the project,Punjab National Bank, United Bank of India, Andhra Bank, Axis Bank, Indian Bank, Oriental Bank of Commerce, and financial institutions — Life Insurance Corporation of India.
The Rosa Project is expected to supply 900 MW power to the state of Uttar Pradesh.
While the stage-I of the project would be operational within this year, the expansion phase would be operational by 2012, the company said.
