Adani Power consolidates loans worth Rs 19,700 crore from six branches into a single long-term loan
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ANI
In a separate statement, Adani Power told the stock market that its wholly owned subsidiary Mahan Energen Limited (MEL) has entered into a 20-year long-term power purchase agreement with Reliance Industries Limited (RIL).
Adani Power has consolidated various short-term loan facilities of Rs 19,700 crore availed by six special purpose vehicles of the company into one long-term loan.
Adani Power said in the information given to the stock market that with the revised arrangement the company will get the benefit of equal tenure and the effective interest rate will be lower. According to the company, the debt consolidation of Adani Power Limited (APL) was made possible with the amalgamation of its six special purpose vehicles (SPVs) under a consortium financing arrangement with eight lenders following the upgrade of Adani Power Limited’s (APL) credit rating to AA-.
In a separate statement, Adani Power told the stock market that its wholly owned subsidiary Mahan Energen Limited (MEL) has entered into a 20-year long-term power purchase agreement with Reliance Industries Limited (RIL). This agreement has been signed for supply of 500 MW power under the captive user policy defined in the Electricity Rules 2005.
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