Credit approval obtained for

RNS Number : 1065B

OPG Power Ventures plc

12 August 2008

 



OPG Power Ventures

(the 'Company')

Financing for the 2 x 135 MW Power Station

in Kutch, Gujarat Fully Subscribed

The Company is pleased to announce that it has received credit approval for the full amount of the debt financing required for the Company's 2 x 135 MW power station in Kutch, Gujarat. The syndicate of banks, led by Punjab National Bank, will provide facilities totaling Rs. 9500 million (US $226.19 million at US $ 1: Rs. 42)

Execution of final facility documentation is expected to be completed during September 2008 with drawdowns under the facility expected to begin by December 2008. The facility will be repaid in 35 consecutive quarterly repayments, to begin six months from the commissioning of the plant.

Having received credit approval, the Company now plans to complete the international tendering process it began earlier this year for the appointment of an EPC contractor and expects to make further announcements in this regard shortly. 

For further information please contact:

OPG Power Ventures plc
Arvind Gupta, Managing Director	[phone]
V. Narayan Swami, Finance Director	[phone]
Martin Gatto, Senior Non Executive Director	[phone]
Cenkos Securities	[phone]
Stephen Keys
Camilla Hume

 

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