ICBC provides a $166.67 million loan for the Tiroda Thermal Power Project (Linked to Project ID#53783)

On April 22, 2013, Adani Power Maharashtra Ltd (APML) — a special purpose vehicle and subsidiary of Adani Power — signed a $480 million syndicated loan agreement with China Development Bank, the Industrial and Commercial Bank of China (ICBC), and the Standard Chartered Bank for the 3300 MW Tiroda Thermal Power Project. Each bank reportedly contributed $166,670,000 USD to the loan syndicate. Project ID#53783 captures China Development Bank’s contribution, while Project ID#54345 captures ICBC’s contribution. The loan carried a 10-year maturity. Its grace period and interest rate is unknown. The 3300 MW Tiroda Thermal Power Project involved the construction of five 660 MW units. APML was responsible for the financing, design, and implementation of the project. It has a long-term power purchase agreement (PPA) with Maharashtra state utility. Powergen Infrastructure was the turnkey contractor for the project. Sichuan Machinery & Equipment Import & Export Company (SCMEC) supplied equipment for the project. SCMEC, however, could not perform the contract works due to Visa policy issues with India. SCMEC, instead, guided the sub-contractors in the erection, commissioning, and operation of the equipment. This project was completed on October 11, 2014.

Additional details

1. This project is also known as the 5x660 MW Gondia Coal-Fired Power Plant Project.

Number of official sources

4

Number of total sources

12