GMR Infrastructure’s subsidiary - GMR Energy (Singapore) has achieved financial closure on its flagship 800 MW combined cycle project at Jurong Island, Singapore. The financing package comprises S$670million of a term loan facility and a $270million credit and working capital facility with a tenor of 17 years.
This power facility is GMR's first independent power project (IPP) outside of India. At a development cost of over Singapore $1 billion, it is one of the single largest investments made by an Indian company in Singapore. The power facilities, featuring Siemens' latest F-class gas turbines, will be designed and constructed by a Siemens/Samsung Consortium. Fueled by re gasified LNG, the power plant is scheduled for commercial operation in 2013.
Six International Banks namely Axis Bank, ClMB Bank Berhad, KfW IPEX-Bank Gmbh, National Australia Bank, Standard Chartered Bank and WestLB AG acted as mandated lead arrangers to the transaction. Norton Rose (Asia) LLP and Lee & Lee Advocates & Solicitors acted as legal advisers to the lenders while White & Case and Rajah & Tann LLP provided legal advice to the sponsor.
GMR infrastructure’s business activities involve development of various infrastructure projects in power, airport and SEZ segments.