Reliance Power places $10-bn equipment order for 32,000 MW

October 28th, 2010 - 7:26 pm ICT by IANS  

New Delhi, Oct 28 (IANS) In one of the largest such orders of its kind, Reliance Power, a part the Anil Dhirubhai Ambani Group, Thursday said it has awarded a $10-billion contract to a Chinese firm to provide power plants equipment of 32,000 MW capacity.

China’s Shanghai Electric Corp (SEC) has been contracted to provide boilers, turbines and generators to Reliance Power’s coal-based power plants, including the supply of 42 units of 660 MW each using what is called super critical technology.

“The strategic cooperation between Reliance Power and a leading global supplier like the Shanghai Electric Corp will enable faster execution of our projects,” said J.P. Chalasani, chief executive of Reliance Power.

“Shanghai Electric Corp’s after-sales support will ensure higher availability and also assured maintenance support through the operating life of the our Projects,” Chalasani added, soon after signing of the accord in the presence of group chairman Anil Ambani.

The financing for the deal is proposed to be provided by commercial banks, export credit agencies and other financial institutions in China, he said.

Among institutions which will provide financing are Bank of China, the China Development Bank (CDB), The Export-Import Bank of China (C-EXIM) and the Industrial and Commercial Bank of China (ICBC).

Shanghai Electric will also provide long-term supply of spares, training of manpower, support for the operation and maintenance, erection, testing and commissioning of the boiler, turbine and generator and after-sales service.

The supply of the boiler, turbine and generator packages has already started and will be completed over the next three years, said a Reliance Power statement.

The Indian company on its own and through subsidiaries has a portfolio of 37,000 MW of power generation capacity, both operational as well as under development.

The company had earlier announced the conclusion of one of the largest fund-raisers in India on a project-finance basis that had helped the financial closure for two ultra-mega power projects of 4,000 MW each - at Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh.

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