RPower, JERA Ink Loan Agreement With Banks For Bangladesh's Power Plant
Reliance Power and Japanese energy major JERA have inked a pact with a group of banks for full financing, totalling $642 million (approx Rs 4,798 crore), for their new gas-fired thermal power generation project in Bangladesh.
Reliance Power and JERA, through their project company, are developing a new 745 MW natural gas combined-cycle power project in Meghnaghat in Bangladesh.
"The project company has now signed a loan agreement for full financing totaling $642 million with a group of banks that includes the Japan Bank for International Cooperation," Reliance Power said in a regulatory filing.
"The electricity generated will be sold under a long-term power purchase agreement with the Bangladesh Power Development Board (BPDB) for a period of 22 years from the start of commercial operation," Reliance Power said.
ALSO READ: Reliance Power posts consolidated profit before tax of Rs 82.23 crore
Anil Ambani, Chairman of Reliance Power said this financing tie-up represents one of the largest funding tie-ups for a project in Bangladesh's power sector.
Reliance Power said, with this loan agreement, all major contracts required for the development of the project have been completed.
"Going forward, Reliance Power and JERA will focus on full-scale construction and work steadily towards achieving commercial operation in 2022," the company added.
Shares of Reliance Power were trading 1.18 per cent lower at Rs 3.34 apiece on BSE.
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more
The Role Of Central Banks In Global Economy
The role of central banks in global economy is a stimulating topic that requires profound understanding. Commonly, centr... Read more
History Of Banking Evolution In The 21st Century
Throughout time, the banking sector has assumed a central role in the smooth functioning of economies, generating growth... Read more