For two units of its upcoming 2,400 mw generation plant in Chhattisgarh, Jindal Power, a subsidiary of Jindal Steel and Power, has tied up Rs 5,418 crore in loans. The project at Tamnar consists of four units of 600 mw each and will cost about Rs 13,500 crore. The first two units will cost about Rs 7,740 crore and are being funded with a debt-equity mix of 70:30. Jindal Power's Director ( Finance) BS Raman said in Delhi on July 24 that all the clearances are in place for the project.    The first two units are near commissioning. They (the first two units) will cost approximately Rs 7,740 crore, of which debt is Rs 5,418 crore. This is being funded by a consortium of nine banks, led by State Bank of India, he added. The two units due to be commissioned will get 65 per cent of their coal requirement from Coal India, while the remainder will be met through imports.    

Jindal Power is also trying to start at least one additional 600 mw unit in the current financial year, though it is yet to secure a coal linkage, Raman said. Overall, the project will need 4 million tonne of coal annually. Jindal Power currently has a generation capacity of 1,000 mw at the same location.    

The station has been operating at a plant load factor of over 95 per cent for the past two years and its power is sold mostly through short and medium term power purchase agreements. The company is targeting 10,000 mw of generation capacity by 2020 at an investment of about Rs 70,000 to 80,000 crore, Raman said.