The money will be used to part finance the 1980 MW Barh Super Thermal Power Project. The facility has been extended to NTPC without sovereign guarantee. National Thermal Power Corporation Ltd. (NTPC) said on Monday that it had secured a US$380mn loan facility from the Japan Bank International Cooperation (JBIC) to part finance the 1980 MW (3 x 660 MW) Barh Super Thermal Power Project (Stage I) in Bihar. The loan agreement was signed on December 20 at Tokyo.
The syndicated loan will be with four Japanese private financial institutions - Sumitomo Mitsui Banking Corporation, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, and the Tokyo branch of Société Générale. The facility, which was arranged and guaranteed by JBIC, has floating interest rate linked to the London Interbank Offered Rate (LIBOR) and door-to-door maturity of 18 years. This is the first facility extended by the JBIC to NTPC without sovereign guarantee, NTPC said in a statement.
JBIC has earlier provided financing for the company's Gandhar, Simhadri, Faridabad and North Karanpura power projects for an aggregate amount of 172bn Japanese yen through its overseas development assistance programme.
Source: India Infoline
24th December, 2007