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| GMR achieves financial closure of 1,050 Mw thermal plant |
| BS Reporter / Bangalore May 27, 2009, 15:18 IST |
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GMR Kamalanga Energy owned by GMR Energy of GMR Group, an infrastructure developer has achieved financial closure for its 1,050 Mw thermal power project being set up at Kamalanga Village, Dhenkanal District in Orissa.
The capital cost of the project at Rs 4,540 crore is being met through a combination of debt and equity in the ratio of 3:1. The debt component of Rs 3,405 crore has been tied up with 13 banks. This includes Andhra Bank, Bank of Baroda, Canara Bank, Central Bank of India, Corporation Bank, IDBI Bank, Indian Bank, IDFC., Punjab & Sind Bank, State Bank of India, State Bank of Mysore, UCO Bank, United Bank of India.
IDFC is the sole debt arranger and syndicator of the debt. The equity portion of Rs 1,135 crore is being tied up by GMR Energy and IDFC in the ratio of 80:20 . The loan tenure will be 16 years.
GMR Kamalanga Energy is a special purpose vehicle (SPV) of GMR Energy, for implementing the Project.
GMR Kamalanga Energy has awarded the EPC contract to the Shandong Electric Company, China under the International Competitive Bidding route and Notice to Proceed to the Contractor has been issued today. The project has received all the required permits and clearances. The project has also obtained an in principle clearance for Mega power status from the Ministry of Power, GOI. The project will go on stream in the current five year plan.
The company has also received coal linkage to meet the entire capacity. The Ministry of Coal, GOI, has allocated the Rampia and Dip Side Rampia Coal Block in Orissa, along with other prominent power developers. The development of the coal block will take place simultaneously with the construction of the Kamalanga Power Project.
The company had signed the power purchase agreement with Grid Corporation of Orissa (GRIDCO) for the sale of 25 per cent of the power generated from the project as well as the power above 80 per cent PLF at a tariff fixed by Orissa Electricity Regulatory Commission (OERC).
The company has also won under case 1 bidding the rights to sell 323 Mw power to Haryana Power Generation Corporation. The power purchase agreement for the same had already been executed. To enable smooth evacuation of power to the end customers, the company has signed a bulk power transmission agreement with the Power Generation Corporation of India.
GMR Group has already set up three Power Plants which are under operation. These include a 200 Mw diesel power plant in Chennai, a 220 Mw - Barge Mounted Power Plant in Karnataka and a 370 Mw - Gas Based Power Project at Vemagiri in Andhra Pradesh. The Group’s energy business today accounts for 55 per cent of its revenue stream.
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