Tata Power Company Ltd has informed that, on April 24, 2008, the Company completed the signing of financial agreements for the 4000 MW Ultra Mega Power Project coming up at Mundra, Gujarat under the Special Purpose Vehicle Coastal Gujarat Power Ltd। The cost of the project is estimated at INR 17000 crores (USD 4.2 billion) with the first of the five units to be commissioned in September 2011. The entire plant is expected to be commissioned by end of 2012.
A Consortium of Banks including leading multilateral agencies and Exim Banks are participating in the financing of this project. The financing comprises of equity of Rs 4250 crores, External Commercial Borrowings (ECB) of upto USD 1.8 billion and Rupee Loans of upto Rs 5550 crores.
In this regards the Company has issued the following Press Release :
The Tata Power Company Ltd, on April 24, 2008 has announced the completion of signing of financial agreements for 4000 MW Ultra Mega Power Project (UMPP), coming up at Mundra, Gujarat under the Special Purpose Vehicle (SPV) Coastal Gujarat Power Ltd (CGPL). The cost of the project is estimated at INR 17000 crores (USD 4.2 billion) with the first of the five units to be commissioned in September 2011. The entire plant is expected to be commissioned by end of 2012.
A Consortium of Banks Including leading multilateral agencies and Exim Banks are participating in the financing of this project. The financing comprises of equity of Rs 4250 crores, External Commercial Borrowings (ECB) of upto USD 1.8 billion and Rupee Loans of upto Rs 5550 crores. The ECBs include The Export-Import Bank of Korea, International Finance Corporation, Korea Export insurance Corporation, Asian Development Bank, BNP Paribas and Rupee lenders Include SBI (Lead bank for rupee lenders), India infrastructure Finance Co Ltd., Housing and Urban Development Corporation Ltd., Oriental Bank of Commerce, Vijaya Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Travancore and State Bank of Indore. SBI Caps are the Financial Advisors and Mandated Lead Arranger for Rupee loans.
Speaking on the occasion, Mr. Prasad N Menon, Managing Director, Tata Power said The signing of the financing agreements for Mundra UMPP is an important milestone. The good response demonstrates the faith of the lenders in our execution capabilities and expertise to complete the project in time. The terms of debt financing provides us long tenure of loans supporting our competetive bid price assumptions.
The 4000 MW Mundra Ultra Mega Power Project (UMPP) is the first of the UMPP which heralds the entry of super critical boiler technology In India for the first time which is significantly environment friendly than the conventional ones using sub-critical boiler technology. The project site, approx 1000 Hectares is located south of Tunda Wand village in Mundra Taluka, Kutch district of Gujarat. The project consists of 5 units, each of 800 MW which will generate saleable power of 3800 MW to be supplied to five states namely Gujarat, Maharashtra, Rajasthan, Haryana and Punjab. The super-critical technology and the choice of unit sizes will help the project achieve higher efficiency thus saving fuel and reducing greenhouse gas emissions vis-à-vis conventional technology prevailing in the country.
The Site preparatory works are in progress and orders for all major equipments have been placed. The Company has signed the contract for complete Boiler island scope on EPC basis with Doosan Heavy Industries & Construction Co Ltd., Korea and contract for supply of Steam Turbine Generators with Toshiba Corporation. The project has been comprehensively covered by a seamless Insurance cover by Oriental Insurance Co Lied.
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