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THE Export-Import Bank (Ex-Im) of the US will offer loans up to $5 billion to Reliance Power (RPower), part of the Anil Dhirubhai Ambani Group, to help the Indian company purchase US goods and services for various power plants.
RPower chairman Anil Ambani and the US Ex-Im Bank president Fred Hochberg signed a memorandum of understanding during the visit of US President Barack Obama, the company said in a statement. The agreement would make available long-term dollar loans in the next three years. Earlier, the board of Ex-Im Bank had accorded its final approval of project finance facilities aggregating $917 million for their 3,960 megawatt (MW) Sasan Ultra Mega Power Project (UMPP). This was the largest funding support by Ex-Im Bank to an Indian company on a project recourse basis. The funding facility is to support Sasan Power's plans to purchase coal mining equipment
"The MoU would enable RPower and its affiliates access to Ex-Im Bank long-term dollar loans at a substantially reduced processing time. Considering that Ex-Im Bank exposure to India has been primarily limited to public sector, execution of the MoU is a landmark event that would go a long way in increasing diversity of lenders that could provide long-term finance to India's private sector," the statement said. RPower, a leading private sector power generation company, is implementing power projects with aggregate capacity of over 37,000 MW, by far the largest development portfolio in the country. The company also has the largest captive coal reserves in the private sector estimated at more than two billion tonnes.
RPower had earlier placed a $750-million order with General Electric for its power plants. The company expects its association with American firms to generate manufacturing exports worth over $2 billion from the US into India, chairman Anil Ambani said on Saturday at a function during the visit of US President Barack Obama. RPower plans to scale up its capacity to 25,000 MW by 2015. Currently, the company has an operational capacity of 600 MW at its 1,200 MW Rosa Power Project in Uttar Pradesh and has also acquired operational capacity totalling 433 MW from group company Reliance Infrastructure.
RPower chairman Anil Ambani and the US Ex-Im Bank president Fred Hochberg signed a memorandum of understanding during the visit of US President Barack Obama, the company said in a statement. The agreement would make available long-term dollar loans in the next three years. Earlier, the board of Ex-Im Bank had accorded its final approval of project finance facilities aggregating $917 million for their 3,960 megawatt (MW) Sasan Ultra Mega Power Project (UMPP). This was the largest funding support by Ex-Im Bank to an Indian company on a project recourse basis. The funding facility is to support Sasan Power's plans to purchase coal mining equipment
"The MoU would enable RPower and its affiliates access to Ex-Im Bank long-term dollar loans at a substantially reduced processing time. Considering that Ex-Im Bank exposure to India has been primarily limited to public sector, execution of the MoU is a landmark event that would go a long way in increasing diversity of lenders that could provide long-term finance to India's private sector," the statement said. RPower, a leading private sector power generation company, is implementing power projects with aggregate capacity of over 37,000 MW, by far the largest development portfolio in the country. The company also has the largest captive coal reserves in the private sector estimated at more than two billion tonnes.
RPower had earlier placed a $750-million order with General Electric for its power plants. The company expects its association with American firms to generate manufacturing exports worth over $2 billion from the US into India, chairman Anil Ambani said on Saturday at a function during the visit of US President Barack Obama. RPower plans to scale up its capacity to 25,000 MW by 2015. Currently, the company has an operational capacity of 600 MW at its 1,200 MW Rosa Power Project in Uttar Pradesh and has also acquired operational capacity totalling 433 MW from group company Reliance Infrastructure.
Anil Ambani (R) with US Ex-Im Bank chief Fred Hochberg —PTI
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