Singapore : GMR Infrastructure Ltd’s Singapore-based energy subsidiary Friday said it has secured funds for its 800 MW power project from a consortium of six banks.
“The financing structures are unprecedented in terms of complexity and tenor and will set a new benchmark for the power sector,” said G.M. Rao, Group Chairman of GMR Infrastructure.
According to the company, six international banks acted as mandated lead arrangers to the transaction, including Axis Bank Ltd, CIMB Bank Berhad, KfW IPEX-Bank Gmbh, National Australia Bank Limited, Standard Chartered Bank and WestLB AG.
“The financing package comprises (Singapore dollars) $670 million of a term loan facility and a USD (American Dollars) $270 million credit and working capital facility with a tenor of 17 years,” said the company in a statement.
The Bangalore headquartered global infrastructure major is constructing independent power project (IPP) in Jurong Island, Singapore at a cost of over $1 billion (Singapore Dollars)
“It (project) is one of the single largest investments made by an Indian company in Singapore,” the statement said adding that the ground breaking ceremony for the project was conducted on June 5.
The power facilities will feature global electronics major Siemens’ latest F-class gas turbines which will be fuelled by re-gasified LNG.
“F-class gas turbines will be designed and constructed by a Siemens/Samsung Consortium,” the statement added.
The power plant is scheduled for commercial operation in 2013.