Tata Power completes $770 million ECB refinancing for Mundra UMPP

The company expects the refinancing will help reschedule the cash requirements, pare the effective interest cost and reduce foreign exchange related volatility for the Mundra subsidiary

Private power producer Tata Power said on Friday that its Mundra ultra mega power project (UMPP) has completed the refinancing of its outstanding external commercial borrowings (ECB) loans worth $770 million. 

"Coastal Gujarat Power Limited, a wholly-owned subsidiary of Tata Power, which implemented the 4,000 Mw Mundra UMPP, has completed refinancing of the outstanding ECB loans amounting to $770 million through a mix of rupee-denominated debt instruments and equity funding from the proceeds of divestment of non-core assets of the company," Tata Power said in its media statement on Friday.