Reliance Power’s Sasan project will be funded by Chinese banks

RPower has tied up loans of $1.1 billion from three Chinese lenders for its upcoming 3.960 MW Sasan Ultra Mega Power Project(UMPP) in Madhya Pradesh. The loans would be provided by Bank of China, China Development Bank and The Export Import Bank of China along with Standard Chartered Bank. It would be the largest financing by Chinese Banks for an Indian project. The Sasan project being set up at a cost of about $ 4 billion, would start power generation in December 2012. The Chinese banks had signed an MoU with Reliance Power to finance $ 12 billion for its project in 2010.