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Reliance Power Ltd’s wholly owned subsidiary, Sasan Power Ltd, has received approval from the Reserve Bank of India for $2.2 billion (Rs 11,000 crore) ECB funding for its 3,960 MW ultra mega power project in Madya Pradesh.
Sasan Power would receive $1.1 billion (Rs 5,500 crore) from Chinese banks, including Bank of China, China Development Bank and Export Import Bank of China, RPL said in a communication to the stock exchanges.
The Export Import Bank of United States has approved funding of $917 million (Rs 4,500 crore) to Sasan Power as part of financing of the project cost.
The drawdown of these funds would begin over the coming weeks for the project. With this, 75 per cent of the total debt for the Sasan project was refinanced from ECBs which would significantly reduce the interest cost, RPL said.
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