Anil Ambani group company Reliance Power today announced that it has tied up Rs 14,500 crore debt for its 3,960 MW Sasan Ultra Mega Power Project.
In a filing to stock exchanges, Reliance Power said, "Sasan Power Ltd, a 100 per cent subsidiary of the company, has executed financing agreements for the 3,960 MW pit-head coal-based Sasan UMPP located at Singrauli in Madhya Pradesh."
This is the largest debt from domestic banks and institutions raised for any project among any industry in the country, company officials said.
Power Finance Corporation, the nodal agency for implementation of UMPPs, has sanctioned Rs 1,770 crore for the project.
The total cost of the Sasan project in Madhya Pradesh is expected to be about Rs 20,000 crore, to be funded at a debt equity ratio of 75:25.
Sasan will be the largest domestic coal-based power project in the country, supplying power to seven states across western and northern India.
Besides Sasan, Reliance Power has bagged two other UMMPs -- Tilaiya and Krishnapatnam. The government is all set to announce three more new projects in Orissa, Tamil Nadu and Chhattisgarh and request for qualification is expected to be floated over the next few months.
