Tuticorin power project financial closure achieved

India's News.Net
Thursday 2nd July, 2009 (IANS)

The city-based Coastal Energen Private Limited Thursday announced that 16 bank consortium and financial institutions have agreed to lend it Rs.3,450 crore (Rs.34.5 billion) to set up 1,200 thermal power station at Tuticorin in Tamil Nadu.

The 15-year loan will carry an interest of 12 percent, said the company in a statement issued Thursday. The project will have a plan outlay of Rs.4,300 crore.

Coastal Energen is promoted by Ahmed A.R. Buhari of the Coal & Oil Group with a 30 percent strategic stake being held by the AW Rostamani Group of Dubai, United Arab Emirates.

The power company has signed a contract with Chinese Harbin Power Engineering for sourcing boiler, turbine and generator (BTG).

According to Buhari, founder president and CEO of Coal & Oil Group, the power project will go on stream in 36 months.

There is a provision to increase the generation capacity to 4,000 MW, the statement added.

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