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 : ONGC releases statement on incident happened at Uran plant in MaharashtraThe 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 : NHPC CMD inaugurated NHPC pavilion at RE Invest 2024The 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.
Read Also : Engineers Day at NTPC BongaigaonNews Must Read
- Indian Bank raises Rs. 5,000 Crores through issuance of Bonds
- NLCIL plans three fold increase in its total power generation capacity by 2030
- DVC enters into financial collaboration with State Bank of India
- IREDA Signs MoU with SJVN and GMR for 900 MW Hydropower Project in Nepal
- IREDA Signs MoU with SJVN and GMR fo Hydro Project in Nepal
- SJVN CMD visited 1320 MW Buxar Thermal Power Project
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD