Simhapuri Energy Pvt

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Simhapuri Energy Pvt Ltd was created to develop state-of-the-art Thermal Power Plant at Thamminapatnam village, SPSR Nellore District near Krishnapatnam Port in the state of Andhra Pradesh, India with a planned capacity of 1920 MW. The project was divided in three phases with 2 x 150 MW under Phase-I, 2 x 150 MW under Phase-II, and 2x 660 MW Super critical units under Phase-III. Simhapuri Energy Pvt Ltd was a joint venture of Madhucon (48%) and Mahalaxmi group (26%). Simhapuri Energy Pvt inked memorandum of understanding with Jharkhand State Government for setting up a 1,000 MW thermal power plant. The cost of phase 1 of the project (270MW) was estimated to be INR13.365bn (US$323.2 million at the INR/US$41.35 exchange rate). Financial close was on 28 Nov 2007. Financing was funded on a 75:25 debt-to-equity structure. The INR10.024bn term loan is lead arranged by SBI Capital Markets with 14 domestic financiers jointly providing. The cost of phase 2 the project (300MW) was estimated to be INR16.0588 (US$351.2 million at the INR/US$45.73 exchange rate). Financial closure was in September 2010. Financing comprised of Rs72bn 14-year 7months term loan and Rs24bn equity. The debt was arranged by ICICI Bank, Axis Bank, and Punjab National Bank. On 20th February 2014, Madhucon arranged for additional funding to take care of cost overruns in Phase-II of the project. Financing comprised a 12-year term loan of US$ 25.2mn (INR 1480mn @58.6 INR/USD) and sponsor equity of US$ 20mn (INR1174.7mn @58.6 INR/USD).The participating banks were Allahabad Bank Bank, Punjab National Bank,State Bank of Bikaner & Jaipur,State Bank of India,State Bank of Patiala, and United Bank of India. http://www.simhapurienergy.com/index.html