Nava Bharat to tie up funds for 300-Mw Zambia power project by June

Nava Bharat Ventures Limited, a Hyderabad-based company with interests in power, coal mining, ferro alloys and sugar, expects 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 (around Rs 4,340 crore) proposed to be infused in the project, the loan component comprises $560 million. The commissioning of the project is scheduled in the fourth quarter of FY2015, the company said in its investor presentation submitted to the exchanges on Monday.

About 65% work on the project, being developed by Nava Bharat’s unit Maamba Collieries Ltd, has been completed. It has  entered into power purchase and transmission agreements with Zambian state power company Zesco for the 300-Mw.