RelPower ties up Rs 2,000 cr for Rosa II

Reliance Power Ltd, a group company of the Anil Ambani controlled ADA Group, on Tuesday achieved the financial closure for the second phase of its upcoming Rosa power plant in Uttar Pradesh by signing a long-term loan of Rs 2,000 crore with a consortium of 12 banks.

Rosa Power Supply Company Ltd, a wholly owned subsidiary of Reliance Power Ltd, is building a 1200 mw coal fired power plant in Uttar Pradesh at a cost of Rs 6,000 crore. The plant will be built in two phases costing Rs 3,000 crore each.

“The company has achieved the financial closure by signing the final loan amount of Rs 2,000 crore for the second phase,” the source said, adding the remaining Rs 1,000 crore will be through equity in different forms.

The first phase of the plant comprising 600 mw will be completed by the end of calendar year 2009 and the second phase will be commissioned by 2012. The plant will come up in Shahjahanpur district.

A company statement said that the banks and financial institutions which signed the loan agreements include IDBI Bank, the lead lender, Punjab National Bank, United Bank of India, Life Insurance Corporation of India, Andhra Bank, Axis Bank, Indian Bank, Karur Vysya Bank, State Bank of Bikaner and Jaipur, State Bank of Mysore, Syndicate Bank, The South Indian Bank, Oriental Bank of Commerce and Vijaya Bank.

The Rosa project will supply 900 mw of power to Uttar Pradesh Power Corporation .Ltd. Stage I of the project is expected to commence generation  this year itself, ahead of schedule.