The new bonds issued will be listed on the Bombay Stock Exchange and will be repaid from 2017 to 2024.
During FY2013,Essar Power completed a number of coal-fired power projects and now has 3,910 MW of operational capacity. Work is progressing on further projects intended to take Essar Power’s operational portfolio to 6,700MW.
Mr Deepak Maheshwari, Chief Financial Officer, Essar Energy said: “This further Rupee bond issue will allow our power business to benefit from longer debt maturity time frames and lower interest rates compared to our existing debt facilities. Essar Energy is well positioned to capitalize on the growing demand for power in India.”
About Essar Power
Essar Power, a subsidiary of LSE-listed Essar Energy, is one of India's leading private power producers with a 14-year operating track record. Essar Power has seven operational power plants in India and one operational power plant in Algoma, Canada, with a total installed generation capacity of 3,910MW. This capacity is increasing to 6,700 MW. Essar Power also has access to approximately 500 mt of coal resources across seven coal blocks in India and overseas.
About Essar Energy
Essar Energy (LSE:ESSR) is a world class, low-cost, integrated energy company with an established track record. Essar Energy, through its subsidiaries, owns one of India's largest private power producers with 3,910MW of installed capacity and projects under construction to expand its capacity to 6,700MW.
Essar Energy, through its subsidiaries, owns one of India's fastest growing private sector oil and gas companies with a diverse portfolio of exploration and production assets. The Vadinar refinery, located in Gujarat, is India's second largest private sector oil refinery with throughput capacity of 20 million metric tons per annum, or 405,000 barrels per day. The Stanlow refinery is the UK’s second largest refinery with throughput capacity of 296,000 barrels per day, or 14.6 million metric tons per annum.
