SRM Energy inks $1.4 bn deal with China Datang

SRM Energy today signed a $1.4 billion (Rs 6,357.4 crore) loan agreement with China Datang for setting up a 2,000-MW thermal power project in Tamil Nadu, in the presence of Chinese Premier Wen Jiabao.

"SRM Energy signed an agreement with China Datang for 2,000 MW power project for financing valued at $1.4 billion," the company said in a statement.

China Datang Technologies & Engineering Company Ltd is a specialised engineering corporation and EPC contractor in China and a subsidiary of China Datang Corporation (CDC), the largest power utility in China.

The company would execute three units of 660 MW each on a turnkey basis.

SRM Energy also signed a Memorandum of Understanding (MoU) with the Industrial and Commercial Bank of China (ICBC) and CDTE for export buyers credit for the power project.

SRM Energy is a part of the Spice Energy Group and has embarked on implementing a total of 5,000 MW of power generating capacity in India in the next few years.