Rosa Power raises Rs 2,000cr loan

Reliance Energy's wholly owned subsidiary Rosa Power Supply today tied up long-term loans of around Rs 2,000 crore for the first stage of its 600 mw power project, company officials said.

The first stage is estimated to cost Rs 2,641 crore, funded through debt and equity in the ratio of 80:20. The debt has been funded by a consortium of banks and financial institutions led by IDBI Bank including IIFCL, Canara Bank, Syndicate Bank, United Bank, Vijaya Bank, SIDBI, LIC and UTI Bank.

Stage-I of the coal-based power project, located at Rosa in Uttar Pradesh, is likely to be operational by March 2010 and will generate about 45 billion electricity units annually for supply to Uttar Pradesh Power Corporation.

The company signed an engineering, procurement and construction contract with Shanghai Electric of China and the plant and machinery will start arriving in early 2008.