GMR Energy ties over $800 mn funding for Singapore project

GMR Energy ties over $800 mn funding for Singapore project New Delhi: The Singapore arm of GMR Infrastructure has raised about USD 820 million funding for its USD 1 billion power project, among the largest investments in that country by an Indian company.
     
GMR Energy (Singapore) Pte Ltd has secured the finances for its 800 MW power project, being constructed at the Jurong Island in Singapore.
     
"The financing package comprises SGD (Singapore Dollar) 670 million (about USD 550 million) of a term loan facility and a USD 270 million credit and working capital facility with a tenor of 17 years," the company said in a statement.
     
The company secured loans for the project from Axis Bank, CIMB Bank Berhad, KfW IPEX-Bank Gmbh, National Australia Bank Ltd, Standard Chartered Bank and WestLB AG, it added.
     
The power plant, GMR Group's first independent power project outside India costing over USD 1 billion, is one of the largest investments by an Indian company in Singapore, the company said.
     
GMR Infra's Group Chairman G M Rao said, "The financing structures are unprecedented in terms of complexity and tenor and will set a new benchmark for the power sector... This impressive achievement is a good start and augurs well for the project."
     

Moreover, the power plant, which will have Siemens' gas turbines, would be designed and constructed by a consortium of Siemens and Samsung.
     
The power plant, scheduled for commercial operations in 2013, will be fuelled by re-gasified LNG.
     
GMR Infra, through its various subsidiaries, has 13 power projects under construction and it aims to add about 1,768 MW new power generation capacity in the current fiscal by commissioning three units at Maharashtra, Andhra Pradesh and Orissa.
     
In 2010-11, the company had posted a net loss of Rs 929.64 crore due to one time loss incurred on sale of its interests in global power entity InterGen NV.
     
It had reported a growth of 26 percent in net income at Rs 5,773.8 crore in FY'11.
     
Scrips of the company today closed at Rs 31.65 on the Bombay Stock Exchange, up 0.32 percent from previous close.

PTI