IND: NTPC CAPACITY EXPANSION FINANCING FACILITY

This is a direct non-sovereign loan to NTPC Limited (formerly known as the National Thermal Power Corporation), majority state-owned by the Government of India. As the largest power generator in India, NTPC's operations and expansion plans are critical to reducing peak power demand and energy deficits that are forecast persist for at least several more years. NTPC is a financially sound enterprise with a strong balance sheet, an effective governance structure and experienced management. Although an SOE, NTPC is operated as an independent commercial entity.