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China Eximbank 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, #54362, #92021)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Reliance Power Limited |
| Country | India |
| Start Date | Dec 15, 2010 |
| End Date | Aug 23, 2033 |
| Duration | 8,287 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 92020 |
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 contributions to the $1.114 billion USD syndicated loan reportedly totaled $1 billion USD.
Because it is unclear how much each bank contributed, AidData assumes the three Chinese banks contributed equally ($333,333,333).
The CDB's portion is captured in #54362, China Eximbank's portion is captured in #92020, and Bank of China's portion is captured in #92021. The loan carried a maturity period of 13-years and it is 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 million USD).
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.' This project is linked to an earlier MOU captured by linked Record ID#43106.
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 in #54362, China Eximbank's portion is captured in #92020, and Bank of China's portion is captured in #92021
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.
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Reliance Power Limited
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