Financial closure for 750 Mw Bangladesh power project soon: Anil Ambani

Financial closure for 750 Mw Bangladesh power project soon: Anil Ambani

Ambani also said in his speech at the Reliance Group’s Annual General Meeting India’s power sector is going through a challenging phase

New Delhi: Billionaire Anil Ambani today said a 750 Megawatt gas-based power project being set up by his company Reliance Power in Bangladesh will achieve financial closure in the current financial year, leading to a “significant boost” to top-line and bottom-line of the company on comletion.

Ambani also said in his speech at the Reliance Group’s Annual General Meeting India’s power sector is going through a challenging phase. “Renewables have seen a rapid expansion driven by Prime Minister Modi’s vision of 175 Gigawatt by 2022. Solar tariffs have come down by around 65 per cent in 4 years. This will drive future growth,” he said.

He also said RPower’s plants operated at around 85 per cent Plant Load Factor (PLF), well above the national average of 63 per cent, last financial year ended March 2018.

Ambani asserted that RPower remains a conservatively financed company with a strong balance sheet and has completed capex of Rs 50,000 crore. He said inorganic growth through acquisition of stressed assets at attractive valuations, Operation and Maintenance services for power plants and Mine Development Operator (MDO) services for coal mines will remain the company’s key focus areas going ahead.

Source: energy.economictimes.indiatimes