SBI to finance 70% of new Bokaro thermal unit

State Bank of India agreed to finance 70% of Damodar Valley Corporation's 500 mw Bokaro Thermal Power Station project.

SBI along with its associate banks will lend Rs 2,400 crore. SBI will alone provide Rs 1,400 crore.

DVC will invest the balance amount as the debt-equity ratio is fixed at 70:30, SBI said on Tuesday.

The project, which is expected to be commissioned in April 2014, is estimated to cost Rs 3,500 crore.

DVC has signed power purchase agreement with Punjab State Electricity Board for supply of 200 MW of power while the balance power will be consumed in Jharkhand.

The proposed unit will replace the old and abandoned 247 MW thermal power plant which has historical significance of being the first coal based thermal plant of DVC built in 1953.

DVC generates 2210 mw from old thermal plants while it has commissioned new plants with additional capacity of 3500 mw so far. The state-run corporation is expected to enhance capacity by another 1250 mw during this fiscal.

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