NTPC REL signs first Green Term Loan of Rs 500 crore with Bank of India
The GTL will be used for its 470 MW solar projects in Rajasthan and 200 MW solar project in Gujarat.
September 30, 2021 / 04:55 PM IST
NTPC Renewable Energy ltd (REL), a 100 percent subsidiary of NTPC ltd, on September 30 announced to have signed its first green term loan agreement of Rs 500 crores at a very competitive rate with a tenor of 15 years with Bank of India. The GTL will be used for its 470 MW solar projects in Rajasthan and 200 MW solar project in Gujarat.
NTPC REL currently has renewable project portfolio of 3,450 MW of which 820 MW projects are under construction and 2,630 MW projects been won for which PPAs are pending to be executed.
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The agreement was signed in the presence of NTPC Director (Finance) A K Gautam, Director (Commercial) NTPC C K Mondal, Chairman of NTPC REL Mohit Bhargava, ED (RE) NTPC & CEO (NTPC REL) Aditya Dar, ED (Fin) NTPC & Director NTPC REL and senior officials from Bank of India.
Earlier on September 29, the state-owned NTPC said it has got shareholders’ approval to raise up to Rs 18,000 crore through the issuance of bonds or debentures.
In addition to capital expenditure (capex) requirement, the company also needs to borrow for meeting its working capital needs and other general corporate purposes, which are partly proposed to be met through the issuance of non-convertible bonds, the company had said in the AGM notice.
It had also sought shareholders' approval to increase the borrowing powers of the company from Rs 2,00,000 crore to Rs 2,25,000 crore.