Reliance Power-JERA JV achieves financial closure for 745 megawatts-Bangladesh unit
Anil Ambani-led Reliance Power NSE 4.44 % said Thursday that the company, along with partner JERA of Japan, has achieved financial closure for its 745 megawatts (mw) Bangladesh unit by tying up funds with a group of lenders that includes Japan Bank for International Cooperation (JBIC) and Asian Development Bank (ADB).
In 2019, Reliance Power announced a debt-restructuring deal with US Exim Bank for its Samalkot project in Andhra Pradesh, which was rendered defunct due to lack of gas supply to it. The company decided to relocate the equipment from the project to Bangladesh and subsequently, inducted the Japanese utility as a partner for developing the 750 mw-gas based combined cycle power project.
Reliance Power said that it has received the approval from the Export Import Bank of the United States to sell the first module of equipment to Samsung C&T Corporation of South Korea, who is the engineering, procurement and construction contractor for the Bangladesh unit for Rs 1,540 crore.
