East Coast Energy (ECEPL) has mopped up funds for Phase II of the 2,640 MW
coal based power plant at Bhanvanapadu in Srikakulam district of Andhra Pradesh.
The company has achieved financial closure with PFC leading the funding along
with an 11-bank lenders' consortium. The debt of Rs 5,415 crore sanctioned
includes Rs 2,140 crore from PFC, State Bank of India (Rs 1,000 crore), Punjab
National Bank (Rs 400 crore), Bank of Baroda (Rs 325 crore), Corporation Bank
(Rs 250 crore) and other banks (Rs 1,300 crore). In addition, Rs 1,662 crore of
non-fund based limits have been sanctioned by the lenders' consortium.
The company has invested Rs 700 crore in the project after securing all
statutory clearances, including from the MoEF and the Andhra Pradesh Pollution
Control Board in June 2009 following all established norms, including public
hearing.
Currently, the construction is underway and the foundation works are on. Most
of the equipment including boilers have also been ordered. About 85 per cent of
the power generated is likely to be supplied to Transmission Corporation of
Andhra Pradesh.
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