Rs.17,500 Cr Krishnapatnam UMPP has achieved financial closure

Hyderabad: The 4,000-MW Krishnapatnam Ultra Mega Power Project developed by Coastal Andhra Power has achieved financial closure.

The estimated cost of Rs 17,500 crore is being financed at a 75:25 debt-equity ratio.

The project is scheduled for commissioning in 2013.

A consortium of over 15 banks and financial institutions participating in the financing include Rural Electrification Corporation, LIC, UCO Bank, Union Bank, Andhra Bank, Corporation Bank, Punjab National Bank, Indian Overseas Bank, Andhra Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, Vijaya Bank, Punjab and Sind Bank, Yes Bank and Indian Bank.

The financing of the Krishnapatnam UMPP is said to be one of the largest debt raising exercises in the country.