Completed Mixed AidData Chinese Aid

China Development Bank contributes $333 million to $1.114 billion syndicated loan for 3,960 MW Coal-Fired Sasan Ultra Mega Power Project (UMPP) (Linked to Record ID#43106, #92020, #92021)

$333.33M USD

Funder	China Development Bank (CDB)
Recipient Organization	Reliance Power Limited
Country	India
Start Date	Dec 15, 2010
End Date	Mar 31, 2029
Duration	6,681 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`54362`

Grant Description

In 2010, CDB, China Eximbank, and BOC contribute to USD 1.114 billion syndicated loan for 3,960 MW Coal-Fired Sasan Ultra Mega Power Project (UMPP), India 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

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.
The Chinese name for this project is 印度莎圣项目.
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 Project ID#54362, China Eximbank's portion is captured via Project ID#92020, and Bank of China's portion is captured via Project ID#92021.
This project is linked to an earlier MOU captured via Project ID#43106.

📚 Sources & References

Quantifying Chinese Public Financing for Foreign Coal Power Plants
Report on the Project Financing of Sasan Power Limited
Coal based Projects
India's Reliance Power Gets $1.1 Billion in Loans from China
India
China ink 48 deals worth over $16 b
Sasan UMPP Refinancing 2011
Red Herring Prospectus
中国10亿美元贷款支持印首富采购上海电气设备
中国国开行向印度老赖追债已贷款给其20亿美元
Shanghai Electric 2018 ESG Report
Shanghai Electric 2016 ESG Report
RPower signs Rs 5,000 cr loan pact with Chinese banks
Sasan Power Ltd.
Sasan Ultra Mega Power Project
中资行12亿美元驰援印度信实电信据外媒报道,贷款期限7年，约5%的利率水平显著低于印度国内融资成本
The Sasan Power Plant
Supplementary Online Material: List of projects to which China has provided public financing (2007-2013)
Media release
December 15, 2010
Reliance Power Report
Reliance Power Media Release
Detailed Status of awarded Ultra Mega Power Projects (UMPPs)
Sasan ultra mega coal power project (UMPP)
Sasan's Shadow: An Ultra Mega Power Project's Dark Side Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

Reliance Power Limited

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