Nava Bharat Ventures is expecting to achieve financial closure (on a non-recourse basis) for its mine-mouth, coal-fired power project in Zambia by June 2014. Of the total investment of $700 million proposed to be infused into the project, the total loan component includes $560 million, for which sanctions have already been received.
Around 65% of work on the project, being developed by Nava Bharat’s unit Maamba Collieries, has been completed and the commissioning of the project is scheduled in Q4 FY2015. The company has already entered into power purchase and transmission agreements with Zambian state power company Zesco for the 300 Mw.
Nava Bharat Ventures is a Hyderabad-based company with interests in power, coal mining, ferro alloys and sugar.
