GMR Energy has secured an $820m loan to finance the construction of an 800MW combined-cycle project at Jurong Island, Singapore.

The finance has been secured from Axis Bank, CIMB Bank, KfW IPEX- Bank, National Australia Bank, Standard Chartered Bank and WestLB.

Construction of the plant, which will be fuelled by re-gasified LNG, is expected to cost around $1bn.

The Siemens / Samsung consortium will deliver the project, which will employ gas turbines manufactured by Siemens.

The power project is expected to begin commercial operations in 2013, reports the Business Standard.