New Delhi: Reliance Power on Wednesday said it has received the first disbursement of Rs 2,550 crore (USD 470 million) from US Exim Bank and offshore commercial banks.
"Reliance Power today announced the receipt of the first disbursement of Rs 2,550 crore (USD 470 million) from Export Import Bank of United States (US EXIM) and offshore Commercial Banks," the company said in a statement.
The disbursement is part of USD 2 billion loan.
The disbursement forms part of the overall financing for Reliance Power's 3,960 MW Ultra Mega Power Project at Sasan, the company said in a statement.
Sasan UMPP is a pit-head coal-fired power generating plant in Madhya Pradesh.
"The long-term financing commitments were tied-up from US Exim, Chinese lenders and other Commercial Banks towards the import of equipment for the coal mines and the power project," it added.
"The disbursement of loans from US Exim and other off-shore commercial banks is a re-iteration of the confidence the lenders have on prospects for the Sasan Ultra Mega Power Project, and the execution and operational capabilities of Reliance Power," J P Chalasani, the Chief Executive Officer of Reliance Power said.
Reliance Power, in July 2012, tied up loans of USD 1.1 billion (over Rs 6,000 crore) from three Chinese lenders for the same project.
The first 660 MW unit of the Sasan Ultra Mega Power Plant was commissioned last month.