Reliance Power-JERA JV achieves financial closure for 745 MW Bangladesh project

Reliance Power along with JERA, Japan has achieved financial closure for its 745 MW gas-based combined cycle power project in Bangadesh. The funds have been tied up with a group of lenders that includes Japan Bank for International Cooperation (JBIC) and the Asian Development Bank (ADB).

In 2019, Reliance Power announced a debt-restructuring deal with US Exim Bank for its Samalkot project in Andhra Pradesh, which was rendered defunct due to lack of gas supply to it. The company decided to relocate the equipment from the project to Bangladesh and subsequently, inducted the Japanese utility as a partner for developing the project. Reliance Power has received the approval from the Export Import Bank of the United States to sell the first module of equipment to Samsung C&T Corporation of South Korea, who is the engineering, procurement and construction contractor for the Bangladesh project for Rs 150 billion.

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