GMR Energy is likely to mop up over Rs 1,600 crore soon from a group of private equity companies led by Singapore based Temasek Holdings and banks to fund its expansion plan.

GMR Energy is setting up thermal and hydro power projects of close to 4,500 MW capacity.

The company's SPV GMR Kamalanga Energy, is setting up a 1,050 MW coal based power project with an investment of Rs 4,540 crore at Kamalanga village in Dhenkanal district of Orissa. This project is in advanced stages of development and is expected to go on stream by the end of 2012. GMR Energy is also setting up a 1,200 MW coal based power plant at Raipur in Chhattisgarh and is augmenting capacity of its Vemagiri gas based power plant at Rajahmundry in Andhra Pradesh, from the current 388 MW to 768 MW. In 2009, the company had acquired Emco Energy, which is developing a 600 MW coal based power plant in two phases of 300 MW capacity each in Warora, Maharashtra.

GMR Energy requires about Rs 7,500 crore to fund the equity portion for its projects, which require a total investment of over Rs 30,000 crore over the next three-five years.

It has already invested over Rs 1,000 crore and has a cash balance of another Rs 1,000 crore. The funds, which it is going to raise now, will meet requirements for a few projects nearing financial closure.

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Work to commence on GMR's Chhattisgarh power project by March (14-Jan-10)