Reliance Power Raises Funds for Solar Plant, Times Says

Reliance Power Ltd. (RPWR) raised $302 million for a 100-megawatt solar thermal power project in India, the Economic Times said, citing executives it didn’t identify.

The foreign currency-denominated debt will be provided by Axis Bank Ltd. (AXSB), Dutch development lender Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, the U.S. Export-Import Bank and the Asian Development Bank, it said.

The ADB said in April it would lend $103 million to the project, expected to be completed in May at a cost of $415 million. The Ex-Im Bank in April also agreed to an $80.3 million loan to purchase turbines from Areva SA’s U.S. unit.

Solar thermal technology uses sunlight to produce steam for conventional turbines.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net