GMR Infrastructure today said its Singapore-arm, GMR Energy (Singapore) Pte Ltd, has secured finances for its 800 MW power project, being constructed at the Jurong Island in the South east Asian country.
The power plant, which is GMR Group’s first independent power project outside India, is constructed at a cost of over $1 billion and is one of the largest investment made by an Indian company in Singapore, the company said in a statement.
“The financing package comprises SGD (Singapore Dollar) 670 million of a term loan facility and a USD 270 million credit and working capital facility with a tenor of 17 years,” it added.
The company secured loans for the project from Axis Bank, CIMB Bank Berhad, KfW IPEX—Bank Gmbh, National Australia Bank Limited, Standard Chartered Bank and WestLB AG, the statement further said.
“The financing structures are unprecedented in terms of complexity and tenor and will set a new benchmark for the power sector... This impressive achievement is a good start and augurs well for the project,” GMR Infra’s Group Chairman, Mr G M Rao said.
Moreover, the power plant, which will have Siemens’ gas turbines, would be designed and constructed by a consortium of Siemens and Samsung.
The power plant, scheduled for commercial operations in 2013, will be fuelled by re-gasified LNG, the statement said.
GMR Infra, through its various subsidiaries, has 13 power projects under-construction and it aims to add about 1,768 MW new power generation capacity in the current fiscal by commissioning three units at Maharashtra, Andhra Pradesh and Orissa.
In 2010—11, the company had posted a net loss of Rs 929.64 crore due to one time loss incurred on sale of its interests in global power entity InterGen N.V.
It had reported a growth of 26 per cent in its net income at Rs 5,773.8 crore in FY’11.
Scrips of the company today closed at Rs 31.65 on the Bombay Stock Exchange, up 0.32 per cent from previous close.