GMR Energy (Singapore) achieves financial close
On Friday, 15 July 2011, GMR Energy (Singapore) Pte Ltd, a subsidiary of GMR Infrastructure Ltd, achieved financial close on its flagship 800 MW combined cycle project at Jurong Island, Singapore. WestLB, along with Axis Bank, CIMB, KfW IPEX-Bank, National Australia Bank and Standard Chartered Bank acted as MLAs to provide a S$ 670 million term loan facility and a USD 270 million credit and working capital facility, both with a tenor of 17 years.
This power facility is GMR’s first independent power project outside of India. The power facility, featuring Siemens’ latest F-class gas turbines, will be designed and constructed by a Siemens/Samsung consortium. Fuelled by regasified LNG, the power plant is scheduled for commercial operation in 2013.
“I am delighted to receive the banking community’s strong support. It clearly demonstrates their confidence in the project. The financing structures are unprecedented in terms of complexity and tenor and will set a new benchmark for the power sector.” said Mr. G.B.S Raju, Corporate and International Business Chairman of GMR Infrastructure.