Plans to expedite commissioning of projects ahead of schedule
Reliance Power (R-Power) plans to raise over Rs 20,000 crore in the current financial year to fund projects, including the 4,000 Mw Krishnapatnam Ultra Mega Power Project (UMPP).
“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,” Anil Ambani, chairman, told shareholders at the company’s annual general meeting on Tuesday.
It had raised a similar amount of debt in the last fiscal, too. In April, it tied up for Rs 15,000 crore to build the 4,000 Mw Sasan UMPP in Madhya Pradesh, while earlier this month it arranged finances for the Rosa and the Butibori projects.
“We will continue to focus on identifying and participating in bids (to develop more power projects),” he said.
R-Power would expedite the commissioning of its projects ahead of schedule, he said. Adding, “We are seeking to advance the commissioning of the Sasan project by almost three-years.” The 600 Mw first phase of the Rosa project will be commissioned this year.
R-Power has bagged three of four UMPP projects. It holds around two billion tonnes of coal reserves to be utilised for its upcoming thermal power projects.
Ambani said the company expects to commission nearly 3,000 Mw of electricity generation capacity by 2012. “We now have a multi-fuel project portfolio of over 33,000 Mw, comprising 19,000 Mw of coal, 10,000 Mw of gas and 4,000 Mw of hydro-based capacity,” he said.
