The 330-mw Pillaiperumalnallur combined cycle power plant in Tamil Nadu, yesterday became the first IPP to achieve financial closure, without counter-guarantee from the Centre.
By signing up with an IDBI-led consortium of domestic banks and financial institutions and with Japan EXIM bank for foreign currency loans, the project is also the first financial closure covered by the Government of India tariff notification of March 1992.
Japan Export Import bank is providing foreign currency loan of $ 98.46 million which is guaranteed by the Indian domestic lenders consortium.
The first combined cycle power plant in Tamilnadu will have a total capital outlay of Rs.1175 crore. The equity component is Rs.352.5 crore while the debt component is Rs.822.5 crore. Of the total debt component, Rs.470 crore is the rupee term loans while the balance Rs.352.5 crore is a foreign currency loan.
Led by IDBI, other domestic consortium members lending to the project include LIC, Bank of Baroda, Vysya Bank, Indian Bank, Canara Bank and HDFC Bank.
Deferred payment guarantees are being provided by IDBI, Bank of Baroda, IDFC and IFCI.
Equity is held by Apollo Infrastructure Project Finance Co Ltd. - 28 per cent, PSEG PPN Energy Company Ltd - 20 per cent, Marubeni Corporation 26 per cent and PPN Mauritius 26 per cent.
