China Eximbank contributes $49 million to $98 million syndicated loan for 1080 MW Raj Westpower Power Plant Project

Project narrative

On April 1, 2009, China Eximbank and ICICI Bank provided a syndicated loan worth 4,954.49 million Indian rupees (or $98 million) to JSW Group for the 1080MW Raj Westpower Power Plant Project. Each bank contributed 50% of the debt financing for the syndicated loan ($49 million USD). The proceeds of the loan were used to construct a 1080 MW lignite based pitehead power plant in the district of Rajasthan. The power plant consists of 8 units and each unit was commissioned on a staggered schedule. The sixth and seventh units were the last ones to be commissioned — on March 16, 2013. JSW Group is the parent company of Raj Westpower. It has signed power purchase agreements (PPAs) with distributors in Rajasthan for 1000 MW, at a 30-year levelized tariff of Rs 1.91 per unit, excluding escalations.