R-Power achieves closure for Rosa power plant and raises Rs 2,400 cr for the same

Reliance Power Ltd. | Power Generation/Distribution | Power | BSE: 532939 | NSE: RPOWER

27 May 2009 Evaluate

Reliance Power Ltd has achieved financial closure for its coal-fired Rosa power plant, after raising at least Rs2,400 crore from a consortium of domestic financiers for the second phase of the 1,200MW project at Shahjahanpur in Uttar Pradesh. The Rosa plant, to be built in two phases, is expected to become the company’s first revenue generating project.

The first phase of two units of 300MW each is expected to be commissioned in the last quarter of 2009. With lenders lined up, execution of the second phase also comprising two units of 300MW each will be faster as most of the greenfield project development work has already been done. Equipment has already been ordered from Shanghai Electric Corp. Ltd in China. The second phase will include a dedicated 12km transmission line from the plant to the nearest link on the national transmission grid as power from one 300MW unit, also known as a “merchant power” unit will be sold to private buyers at commercial rates.

The second phase requires a total investment of roughly Rs 3,000 crore, which will be funded through a debt-equity ratio of 80:20, implying debt funding requirement of Rs 2,400 crore. It is expected to start commercial operations by the end of 2011. The total project cost of the thermal plant, the two phases put together, will come to Rs 6,000 crore.

A clutch of lenders has sanctioned the finances for the second phase of Rosa. IDBI (Bank) led the consortium and has financed about a quarter of the sum. The banks and financial institutions are currently in the process of signing all the documents and will finish by mid-June. The average interest rate is about 12%. Punjab National Bank, United Bank of India, Life Insurance Corp. of India, Rural Electrification Corp. Ltd, Vijaya Bank and Karur Vysa Bank Ltd are among the 10-12-member consortium.

This is the second financial closure for the company in as many months—the first was for the Sasan plant. So far, the company has bagged three of four ultra mega power projects put up for bidding by the government and has the largest development pipeline of power plants in the country.

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