Reliance Power to raise Rs20,000 crore in FY09
28 Jul 2009
ADAG group company Reliance Power plans to raise over Rs20,000 crore in the current fiscal to finance a number of projects including the 4,000 MW Krishnapatnam ultra mega power project (UMPP).
"We are on course to raise Rs20,000 crore of debt this fiscal, having made significant progress in getting appraisals and sanctions for our Krishnapatnam UMPP," Reliance Power chairman, Anil Ambani, told shareholders at the company's annual general meeting held in Mumbai today.
The company had raised a similar sum in FY 08.
Ambani said the company would continue to focus on identifying opportunities and participating in bids.
He added that the company would expedite the commissioning of its projects ahead of schedule adding that it was seeking to advance the commissioning of the Sasan project by about three-years.
The power from the Sasan project will be sold to consumers at levelised tariff of Rs1.19 per kwh for 25 years, he said.
Reliance Power has bagged three ultra mega power projects of capacity 4,000 MW each at Sasan (MP), Krishnapatnam (AP) and Tilaiya in Jharkhand, it said.
Ambani said that financial closure for Krishnapatnam UMPP would be achieved this year. He announced the Reliance Power would explore wind and solar space opportunities.