Narrative
Full Description
Project narrative
On December 15, 2010, China Development Bank (CDB), the Bank of China (BOC), the Export-Import of China, and Standard Chartered Bank signed a $1.114 billion syndicated loan agreement with Reliance Power Limited (R-Power) for the 3,960MW Coal-Fired Sasan Ultra Mega Power Project (UMPP). CDB, BOC, and China Eximbank's estimated contributions to the $1.114 billion syndicated loan reportedly totaled $1 billion. Since it is unclear how much each bank contributed, AidData assumes that the three Chinese banks contributed equally ($333,333,333). The CDB's portion is captured via Record ID#54362, China Eximbank's portion is captured via Record ID#92020, and Bank of China's portion is captured via Record ID#92021. The loan carried a maturity of 13 years and it was insured by Sinosure. Reliance Power announced that its 3960 MW Sasan Ultra Mega Power Project (SUMPP) has received the final commitment of term loans of Rs 5,000 crore ($1.114 billion). The UMPP involved the construction and operation of a 3,960 MW coal-fired power plant and a captive coal mine in the village of Singrauli within the state of Madhya Pradesh. The proceeds from the syndicated loan were to be primarily used to purchase power equipment from Shanghai Electric. The UMPP, which was officially commissioned on March 30, 2015, has 6 power towers of 660MW each and was a 'super-critical technology-based pit-head coal-fired power generating plant.'
Staff comments
1. On August 7, 2007, R-Power formally acquired Sasan Power Limited, a special purpose vehicle that was formed to implement the UMPP. R-Power, formerly Reliance Energy Generation Limited (REGL) is a part of the Reliance Anil Dhirubhai Ambani Group. The company is the sole distributor of electricity to consumers in the suburbs of Mumbai, but in 2017 R-Power sold its Mumbai operation to Adani Power. R-Power also runs power generation, transmission and distribution businesses in other parts of Maharashtra, Goa, and Andhra Pradesh. With its subsidiaries, it is developing 13 medium and large-sized power projects with a combined planned installed capacity of 33,480 MW. 2. The Chinese name for this project is 印度莎圣项目. 3. The exact size of China Development Bank, and China Exim Bank's respective financial contributions to the $1.114 billion syndicated loan are unknown. However, it is reported that the three banks contributed $1 billion in total. Thus, for the time being, AidData assumes that all 3 Chinese members of the lending syndicate contributed equal amounts ($333,333,333). The CDB's portion is captured via Record ID#54362, China Eximbank's portion is captured via Record ID#92020, and Bank of China's portion is captured via Record ID#92021. 4. This project is linked to an earlier MOU captured via Record ID#43106.