Tata Power completes signing of financial agreements for Mundra UM

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New Delhi, Apr 24 (UNI) Tata Power Company Ltd today announced the completion of signing of financial agreements for 4,000 MW Ultra Mega Power Project (UMPP), coming up at Mundra, Gujarat, at an estimated cost of Rs 17,000 crore (4.2 billion dollars).

The Special Purpose Vehicle (SPV), Coastal Gujarat Power Limited (CGPL) is expected to commission the first of the five units in September 2011, said a statement.

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 4,250 crores, External Commercial Borrowings (ECB) of upto 1.8 billion dollars and Rupee Loans of upto Rs 5,550 crores.

The ECB's include - Export-Import Bank of Korea, International Finance Corporation, Korea Export Insurance Corporation, Asian Development Bank, BNP Paribas.

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 and 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.

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