The Hyderabad based engineering and construction company NCC Ltd. has achieved financial closure for the 1,320 MW, Rs.7,000-crore greenfield thermal power plant coming up in Nellore district of Andhra Pradesh.
The debt component of Rs 5,300 crore is led by a consortium of Rural Electrification Corporation with Rs.1,900 crore, Power Finance Corporation pitching in with Rs.1,700 crore along with ICICI Bank and others. The company may consider taking up second phase of 1,320 MW at the same location.
The company said the project would be executed through a special purpose vehicle in a joint venture with Gayatri Projects, another Hyderabad based infrastructure company. The power project mandate was secured from Nelcast Ltd, which had the permission to develop the project. The equity contribution was also finalized. NCC will chip in with Rs.350 crore, while Gayatri and other sources will contribute the rest.
The company said the boilers will be supplied by Harbin of China and NCC itself will act as EPC and balance plant services provider. It is proposed to commission the first unit in 39 months and second unit in 42 months. It is said that all mandatory clearances for the project are in place.