Adani Power seeks Rs. 10,000-cr loan from REC, PFC for Godda plant; to export power to Bangladesh
Adani Power has approached two large State-run lenders, Rural Electrification Corporation (REC) and Power Finance Company (PFC), for its 1,600-MW Godda power project in Jharkhand.
According to industry sources close to the development, REC and PFC are likely to approve ?5,000 crore each, which would make it the largest debt financing for a greenfield thermal power project.
This could also emerge as the only large advance extended to the private sector player at a time when banks and NBFCs have shied away from lending to infrastructure in general and power sector particularly, as it is one of the highly-stressed sector with over ?2 trillion of non-performing loans.
The total cost of the Godda project is estimated at nearly $1.97 billion (which is nearly ?14,000 crore).