Reliance Power to get $5B renewable energy funding

Reliance Power will borrow US$5 billion with the Export-Import Bank to  finance its 900-MW of renewable technologies. These include solar and wind energies as well as up to 8,000 MW of gas-based power-generation technology.

According to RTT News, an agreement to this effect was signed by Reliance Power Chairman Anil Ambani and Ex-Im Bank Chairman Fred Hochberg in Mumbai.

This loan was in addition to the earlier one of $917 million from Ex-Im Bank for its coal-fired Sasan power plant in central India. Reliance Power will get products and services at competitive rates and, this, in turn, will help the U.S. to generate jobs in its manufacturing and services sectors. It also signed an agreement with General Electric Co. and some other U.S. companies for $2.2 billion.

Also, a pact for executing a 2,400-MW power plant at Samarlakota, a coastal town in the south-eastern Indian state of Andhra Pradesh, was signed during U.S President Barack Obama's officlal three-day visit, the company added.