GI hydropower raised Rs975-crore debt via issuing bonds
GI hydro which operates 110 MW hydro power projects in Sikkim has raised debt of Rs975 crore by issuing bonds to investors to repay existing loans, via Alternate Investment Fund Trust Investment Advisors and global asset manager, Allianz Global Investors.
The GI hydro power plant located in sikkim, is formerly known as the Gati Infrastructure private limited project. The 110 MW Hydroelectric power plant was commissioned in May 2013, and is India's first IPP [Independent Power Project] for hydroelectric power in the private sector.
The company had defaulted on loans in 2016 on existing lenders and has proposed to repay the default loan with new debt facility in the form of a three-year senior secured unrated unlisted non-convertible debentures [NCD], inclining at the rate of return [IRR] of 20%.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshThe funds were raised in three tranches of Rs250 crore, Rs325 crore, and Rs400 crore between 5 to 11 December. Gati Infrastructure Private Limited [GIPL], a Hyderabad-based company focused on generating non-carbon power, has commissioned a 110-MW hydro-electric power project in the northeastern state of sikkim. The project will be harnessed on the Rangpo and Rongli rivers and will be based on BOOT basis [BUILD, OPERATE, OWN AND TRANSFER].
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaThe plant is directly connected to the Central Transmission Utility [National grid] through a 24km dedicated transmission line and will be able to deliver the power across the country.
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