Reliance Power (R-Power) has signed financing agreements with a consortium of domestic banks to secure the debt portion for the second phase of the 600-Mw Rosa Power project in Uttar Pradesh’s Shahjahanpur district. Sources said the consortium will lend around Rs 2,000 crore, of the project cost of Rs 2,700 crore. The remaining amount will be funded through equity. The company, which raised over Rs 11,000 crore through its initial public offering, is also attempting a strategic sale of 10-15 per cent equity to fund its projects. Industrial Development Bank of India (IDBI) is the lead lender. The others are Punjab National Bank, United Bank of India, Life Insurance Corporation of India, Andhra Bank, Axis Bank, Indian Bank, Karur Vysya Bank, State Bank of Bikaner and Jaipur, State Bank of Mysore, Syndicate Bank, The South Indian Bank, Oriental Bank of Commerce, Corporation Bank and Vijaya Bank, said a press release. R-Power had achieved financial closure for its Rs 19,500 crore, 4,000 Mw...
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