A consortium comprising Power Finance (PFC), Rural Electrification (REC) and the State Bank of India (SBI) is set to provide Rs110.67bn ($1.74bn) to NLC India’s 1,980MW coal-based thermal power station in Uttar Pradesh, India.

Being carried out by Neyveli Uttar Pradesh Power (NUPPL), the project is being constructed at an estimated cost of Rs172.38bn ($2.71bn) and is to be funded in a 70:30 debt-equity ratio, reported Economic Times.

Established by NLC India and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL), NUPPL is a joint venture (JV) focused on the supply of electricity in Uttar Pradesh.

“The new Ghatampur coal-based thermal power station is expected to be commissioned by November 2021.”

In a statement, PFC said: “The consortium participated in an e-tendering process for funding of debt of the 3x660MW power plant executed by NUPPL.

“NUPPL has subsequently awarded a Letter of Award (LoA) to the consortium of PFC, REC and SBI for providing financial assistance of Rs110.67bn ($1.74bn) for the project and the lenders have given their consent.”

Of the total debt of Rs120.67bn ($1.89bn), $1.74bn has been provided by the PFC-led consortium, while the remaining was funded by the Bank of India, reported The Hindu Business Line.

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The new Ghatampur coal-based thermal power station is expected to be commissioned by November 2021. It will be capable of producing approximately 13.96 billion units of energy to address the electricity requirements of Uttar Pradesh.