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Reliance Power arm prepays Rs 485-crore debt to Varde

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Reliance Power arm prepays Rs 485-crore debt to Varde

Rosa Power Supply Company, a subsidiary of Reliance Power, has prepaid a Rs 485-crore loan to Singapore-based lender Varde Partners, the company said on Wednesday.

By prepaying this loan, Rosa Power has achieved a zero-debt status, fully settling its outstanding debt by payment of Rs 1,318 crore to Varde ahead of the original schedule, it added.

Earlier in September, Rosa Power had prepaid Rs 833 crore to Varde Partners.

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Rosa Power operates a 1,200 MW coal-based thermal power plant in Rosa village near Shahjahanpur, Uttar Pradesh.

The strengthening of Rosa Power’s balance sheet, along with a recent Rs 1,525-crore equity linked warrants preferential issue, will support Reliance Power in pursuing business opportunities in the renewable energy sector. This preferential issue will boost the company’s net worth from Rs 11,155 crore to over Rs 12,680 crore. The listed entity has zero bank debt.

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