GMR Infrastructure said that its Singapore arm GMR Energy (Singapore) Pte Ltd, has secured finances for its 800 MW power project, being constructed at the Jurong Island in the South east Asian country.
The power plant, which is GMR Group's first independent power project outside India is constructed at a cost of over USD 1 billion and is one of the largest investment made by an Indian company in Singapore.
The company in a statement said that "The financing package comprises SGD 670 million of a term loan facility and a USD 270 million credit and working capital facility with a tenor of 17 years."
Mr GM Rao GMR Infra's Group chairman said that "The financing structures are unprecedented in terms of complexity and tenor and will set a new benchmark for the power sector. This impressive achievement is a good start and augurs well for the project."
The company secured loans for the project from Axis Bank, CIMB Bank Berhad, KfW IPEX Bank Gmbh, National Australia Bank Limited, Standard Chartered Bank and WestLB AG.
