The GMR group is set to achieve financial closure for its two power projects in Uttarakhand and Orissa by March 2009.
20:80 gearing seen for Uttarakhand & 25:75 for Orissa project
HYDERABAD: The GMR group is set to achieve financial closure for its two power projects in Uttarakhand and Orissa by March 2009. The group is working on seven power projects, which are in various stages of implementation.
Raaj Kumar, chief executive officer, GMR Energy, said that of the seven, the 300 mw hydroelectric power plant on river Alaknanda in the Chamoli district of Uttarakhand and the 1,050 mw coal-based power plant in Dhenkanal in Orissa would achieve financial closure before March 2009.
The Uttarakhand project has an outlay of Rs 1,500 crore and the Orissa project of Rs 4,500 crore.
“The Orissa project will have a debt-equity ratio of 75:25 and the project on Alaknanda will have 20% equity and 80% debt,” Kumar said.
Though several infrastructure majors foresee problems in achieving financial closure for their projects, GMR group doesn’t anticipate any such problems.
“Power sector definitely has priority over other sectors in terms of finance. Also, good projects have always found investors,” Kumar said.
The group is also working on a 160 mw hydroelectric project in Tallong district of Arunachal Pradesh, a 1,050 mw coal-based thermal power project in Chhattisgarh, a 180 mw hydroelectric power project in Chamba district of Himachal Pradesh, the 250 mw Upper Marsayangdi Hydroelectric Power Project and the 300 mw Upper Karnali Hydroelectric Project in Nepal.
GMR Energy has been operating a 200 mw naphtha-based power project at Tanir Bavi near Mangalore in Karnataka.
The merchant power plant has signed a contract to supply power to Bangalore Electricity Supply Company Ltd (Bescom) till January 2009.
Before this, the company supplied power from this plant to the Rajasthan State Electricity Board.
After the contract expires, GMR will look for opportunities to supply power to Bescom, Maharashtra State Electricity Distribution Co Ltd, and other states from February 2009 onwards.
k_ramana@dnaindia.net 
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