NTPC to get $354 million from Korean Exim Bank

By siliconindia staff writer   |   Wednesday, 06 October 2004, 19:30 IST
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NEW DELHI: In its first loan to the Indian power sector, Korea's Export-Import Bank will provide $354 million to state-run National Thermal Power Corporation for its 1980 MW super critical technology power plant at Sipat in Chhattisgarh. At an initial ceremony, Korean Export-Import Bank (KEXIM) Deputy President held discussions with NTPC's top brass and the two sides decided on a loan amount of $354 million for Sipat's phase I power project. NTPC is developing the 1980 MW (3x660) plant in Sipat and the first unit is scheduled to be completed in April 2008, second in February 2009 and the last in December 2009. KEXIM will be financing the super critical steam generator project of the phase I. "This is the largest finance deal which KEXIM has entered into India, in terms of the volume of the loan amount," a KEXIM statement said. According to the statement, Doosan Heavy Industries and Construction company, a power plant supplier from Korea, has executed a contract with NTPC for the supply of the steam generators. The company claimed to have successfully commissioned many super critical power plants in various countries. Sipat's phase II of 1000 MW (2x500) is scheduled to be completed by December 2007.