Adani Power seeks Rs. 10,000-cr loan from REC, PFC

Adani Power has approached two large state-run lenders, Rural Electrification Corporation (REC) and Power Finance Company (PFC), for financing its 1,600-MW Godda power project in Jharkhand.

According to sources, REC and PFC are likely to approve Rs. 5,000 crore each, which would make it the largest debt financing for a greenfield thermal power project.

This could also emerge as the only large advance extended to the private sector player at a time when banks and NBFCs have shied away from lending to infrastructure in general and the power sector in particular, as it is one of the most stressed sectors, with over Rs. 2 trillion of non-performing loans

The total cost of the Godda project is estimated at nearly $1.97 billion.

HBL