NEW DELHI: Reliance Power subsidiary Sasan Power has cleared $150 million debt of IIFCL, UK, in a move to boost the parent’s liquidity and credit rating.
The repayment follows a Rs 1,525-crore fundraising through equity-linked warrants by Reliance Power, which is debt free. The repayment of IIFCL debt will further strengthen the parent’s balance sheet as its focus transitions to renewable energy for future growth.
The capital infusion positions the company to capitalize on growth opportunities in the rapidly expanding renewable energy market.
Sasan Power operates a 3,960 MW ultra-mega power plant in Sasan, Madhya Pradesh, which is the world's largest integrated coal-based power plant. It has a captive coal mining capacity of 20 MTPA.
The plant supplies electricity to 14 distribution companies across Madhya Pradesh, Uttar Pradesh, Rajasthan, Punjab, Haryana, Uttarakhand and New Delhi at a tariff of Rs 1.54 per unit, the lowest tariff in India, to benefit more than 40 crore people.
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