New Delhi: Private power company Essar Power on Thursday said that it has tied up funds worth Rs4,860 crore for its Mahan thermal power plant at Singrauli in Madhya Pradesh.
“The financial closure for Rs4,860 crore Mahan power project in MP (Madhya Pradesh) has been achieved,” an Essar Power statement said.
The project is being funded through a debt and equity ratio of 3:1 and is funded by a consortium of four lenders led by ICICI Bank which includes Power Finance Corp., Rural Electrification Corp. and Punjab National Bank, it said.
Essar Power is currently executing four power projects of 1,200 MW capacity in three locations across the country and plans to raise this capacity to 6,000 MW by 2012.
It is operating two gas-based plants and one liquid fuel based plant in Hazira, one co-generation plant in Vadinar in Gujarat and a coal-based plant in Vishakhapatnam.