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Power Energy

GMR achieves financial tie up for Emco Energy

10/27/2009 02:30:00 PM

Bangalore, Oct (EPC News): EMCO Energy Ltd., a subsidiary of GMR Energy Limited (GEL), has achieved financial tie up on 21st October, 2009 within a span of four months from its acquisition on July 24, 2009. GEL had acquired EMCO Energy from EMCO Ltd., a Public Limited Company, on July 24, 2009. EMCO Energy Limited is developing a 600 MW coal based power plant, in two phases (of 300 MW capacity each), in the Warora Taluka, District Chandrapur in the state of Maharashtra.

The total debt component of the project is Rs2,610 crore. Axis Bank is the sole debt arranger and syndicator of the debt. The loan tenure will be 15 years.

The land acquisition, evacuation plan and water allocation for both the phases of the project has been completed. In addition, the requisite approvals such as coal linkage and MoEF for Phase 1 have also been obtained. The project will have a relatively short implementation schedule, given that the key regulatory approvals are in place and the site construction activities have commenced. Moreover, the delivery schedule of main Boiler Turbine Generator (BTG) equipment for the project is relatively short. The project is also ideally located in terms of the transportation infrastructure and enjoys good rail, road and air connectivitities. It is also close to critical infrastructure such as housing, education, and medical facilities.

Besides this project, the Group is implementing three mega thermal projects - a 1050 MW in Orissa and 768 MW expansion in Vemagiri, 1200 MW in Chattisgarh. The Group also has five hydro projects under development with a cumulative capacity of 1500 MW. In addition, it has three operating plants with a total capacity exceeding 800 MW. As a part of backward integration, the group has acquired a coal mine in Indonesia.

EPC News Bureau