NTPC secures funding for 1320 MW Meja thermal power project in UP

07 Jun 2012

National Thermal Power Corporation Ltd (NTPC) today announced the financial closure of its Rs6,000-crore 1320 MW Meja thermal power project in UP with the syndication of a Rs7,575 crore loan.

Meja Urja Nigam Private Limited, which is a 50:50 joint venture with UPRUVAN Ltd, received a syndicated loan of Rs7,575 crore from a group of banks led by the State Bank of India (SBI).

SBI Capital Markets arranged the syndication of the Rs7575-crore loan on 6 June 2012 from a consortium of 16 banks led by State Bank of India.

"The loan has a disbursement period of 60 months and is to be repaid in 10 years thereafter. The funds would be utilised for financing capex of the project," the release said.

Meja Urja Nigam consists of two units of 660 MW each, the company said in a statement.

Meanwhile, NTPC chief Arup Roy Choudhury  today warned of a severe shortfall in the country's power production if the government continued its lax approach to the energy problem.