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[behuge] 14/1/2019 21:27

Adani Power seeks ₹10,000-cr loan from REC, PFC for Godda plant; to export power to Bangladesh
ksenia kondratieva Updated on January 14, 2019

BL13_01_POWER
Adani Power has approached two large State-run lenders, Rural Electrification Corporation (REC) and Power Finance Company (PFC), for its 1,600-MW Godda power project in Jharkhand.
According to industry sources close to the development, REC and PFC are likely to approve ₹5,000 crore each, which would make it the largest debt financing for a greenfield thermal power project.
This could also emerge as the only large advance extended to the private sector player at a time when banks and NBFCs have shied away from lending to infrastructure in general and power sector particularly, as it is one of the highly-stressed sector with over ₹2 trillion of non-performing loans.
The total cost of the Godda project is estimated at nearly $1.97 billion (which is nearly ₹14,000 crore).
According to Brickwork Ratings May 2018 report, the project will be financed with the mix of debt and equity of 80:20. “At the preliminary stage, promoters have infused nominal equity of ₹5 lakh, as well as unsecured loans for land acquisition related needs. As per the IA terms, financial closure is required to be achieved by November 2018, which is one year from the date of signing of Implementation Agreement,” the report noted then.
Adani Group’s spokesperson declined to comment, while queries sent to REC and PFC management went unanswered till press time.
Power to Bangladesh
Adani Group has inked a deal with the government of Bangladesh to supply power to the country from its projected Godda plant in 2017. Following this, Adani Power (Jharkhand) Ltd, the SPV for the project, has signed a power purchase agreement (PPA) with Bangladesh Power Development Board (BPDB) and an Implementation Agreement (IA) with the Power Grid of Bangladesh.
According to these agreements, the first unit of 2x800 MW project is proposed for commercial operation in January 2022 which is 50 months from November, 5, 2017 — the date of PPA and IA. The second unit should be commissioned with a gap of four months.
The company has received all the clearances to start the work, Adani Power’s CFO Rajat Kumar Singh said during an Investor Call in May last year.
He added that the project will be providing dedicated power supply to Bangladesh via the transmission line that is being laid is completely isolated from the Indian Grid. The power plant will fire imported coal supplied by Adani Group’s mines in Indonesia as well as upcoming Carmichael mine in Australia.
Published on January 14, 2019

[mickb1234] 14/1/2019 21:09

Not necessarily 8% traded as lots will be same shares traded over and over. An up to date holding rns would be interesting. Dilution will be negating any share % increase by the current holdings.

[888icb] 14/1/2019 20:49

A little disappointing not to have closed above 40p despite the Intraday high of 44p.
However we ended 4% up with another 3 million shares traded(Polo was up 10%) and so the rise continues. 8% of the company traded over the last 2 trading days.

[mickb1234] 14/1/2019 20:40

They can't afford to import coal and keep tariffs affordable.

[behuge] 14/1/2019 19:26

Gcm go ahead next....

Deal signed for dredging of Payra port
Belgian company to start work within six months

Staff Correspondent
In a big leap forward, the Payra Port Authority (PPA) yesterday signed a deal with a Belgium-based company to start capital dredging of the port's main channel to facilitate entries of large ships at the Chittagong and Mongla ports.

The dredging of the 75 kilometre long and 100 to 125 metres wide channel is expected to begin in the next six months at an estimated cost of Tk 8,643 crore (€864.32 million).

Commodore M Jahangir Alam, chairman of the PPA, and David Jonckheere, chairman of Belgium-based firm Jan De Nul, signed a public-private partnership (PPP) agreement at the Shipping ministry conference room of the secretariat.

Earlier in December 2017, the PPA and Jan De Nul formed a joint venture company, of which PPA has a share of 51 percent and the Belgium-based company has the rest.

Sitting on the west bank of Rabnabad channel at the confluence of Galachipa-Tetulia river, the Payra port started operation in August 2016 with ship-to-ship cargo transfer on a limited scale.


The two existing seaports in Chittagong and Mongla continue to face challenges in handling the growing volume of containers and cargos due to rising exports and imports. The two handled about 20 lakh Twenty-Foot Equivalent Units (TEUs) of containers in 2015.

The number of containers is expected to rise to 1.26 crore TUEs by 2045, said the PPA official.

The Chittagong port, the country's biggest seaport, can now allow entry of ships with draughts of up to 9.5 metres at high tide, while vessels with draughts of up to 7-8 metres can enter Mongla port.

Of the 19 components of the Payra port project, capital dredging is in the lead. As per a government estimate, the development of all the components will require $16 billion (Tk 125,000 crore).

The completion of dredging will speed up the development of other components such as establishment of a bulk terminal to handle coal, a container terminal, and oil and LNG terminals, according to the PPA.

Of the total cost, Payra Dredging Company will take a loan from HSBC and its consortium banks, with the help of Belgium Export Credit Agency Credendo, to implement the project, the PPA statement said.

It also said the PPA will pay back the project cost in 20 equal half-yearly instalments on completion of the initial maintenance dredging (approximately 46 months after signing the contract).

Shipping ministry officials said the PPA will have to pay back interest and service charges of around €1,000 million including principal loan.

According to the PPA statement, under the project capital and maintenance dredging work will be completed by 36 months to facilitate upto 10.5 drafts of 40,000 metric tons of deadweight (DWT) bulk carriers.

It said up to a maximum of 10.5-meter deep channel will be created followed by six months of initial maintenance dredging. Then both the parties will find sources of funding for maintenance of the remaining years of the contract and the project company will continue dredging during that period subject to availability of funding.

The project will be implemented in 34 months in 3 steps. In the first step (14 months), the actual amount of siltation in the channel will be determined.

In the second step, main capital dredging work of inner and outer channels will be completed with the help of 11 dredgers in the next 14 months.

In the third step, initial maintenance dredging will be done by the project company in the channel for 6 months.

Approximately 111.399 million cubic meters of dredging material will be removed during the capital dredging and approximately 152.399 million cubic meters including initial maintenance dredging, the PPA statement said.

The PPA also said a maximum of up to 12-meter draft vessels will be able to come alongside the port jetty with the help of the tide.

Annually, 20 million metric tons of coal can be handled directly from the port jetty, which will fulfil the demanded power generation in the western part of the country at lower transportation cost.

Container ships of 3,000 TEUs and the bulk cargoes of 40,000 tons can come directly to the port jetty.

According to the government plan, construction of five coal-based thermal power plants and an LNG terminal are under construction in adjacent areas of Payra Port. These power plants will be able to produce about 9000 MWs of electricity. Twenty million metric tons of coal will be imported every year for the said purpose.

[behuge] 14/1/2019 19:05

January 14, 2019
Another 350 MW coal-fired Power Plant in Barguna

The government is up to set up a 350 MW coal-fired power plant in Taltoli Upazila of Barguna district. The contractors are already preparing the power plant site land. The power plant is expected to begin its operation in 2022.

The project is being jointly implemented by China’s ‘Power China Resource Limited’ and ‘ISO Tech Electrification Company Limited’, a subsidiary of ISO Tech Group of Bangladesh approximately cost of about $540 million. Earlier, ISO Tech has completed the Power Purchase Agreement with the Bangladesh Power Development Board on 12th April of this year.

The entire project will require 300 acres of land and the government will purchase power from this plant for a tenure of 25 years according to the agreement. The tariff to buy power from this plant is settled to 6.77 tk per unit though it’s highly dependable on the market price of coal.

Firoz Chowdhury, the media advisor to ISO Tech said that, they will be installing a hospital having 50 beds in the local vicinity along with other community institution like schools, mosque, temple and madrasa. The project will create 3.5 thousand new employment opportunity, he added.

[baxtea1] 14/1/2019 18:15

GPback happy with 4% a day rise.

Bit of a come down from the triple figured takeover/buyout prediction news that you’ve been ramping & pumping for last 4 days. 😂😂😂😂

What an absolute massive nobhead of the highest order 😂😂😂😂

Have a nice evening all

[behuge] 14/1/2019 16:44

Bag tea always the same stupid comments...

[baxtea1] 14/1/2019 16:40

You’d better hope there’s some genuine news tomorrow folks!

[baxtea1] 14/1/2019 16:39

Not exactly an earth shattering day after all the non stop ramping since Friday