Reliance Power becomes debt free on standalone basis

New Delhi, Jun 10 (PTI) Reliance Power has become a debt-free company on a standalone basis clearing all outstanding dues to lenders, sources said.

The company had a debt of around Rs 800 crore, which has been repaid to banks, they said.

Between December 2023 and March 2024, Reliance Power signed multiple debt settlement agreements with various banks, including IDBI Bank, ICICI Bank, Axis Bank and DBS. The company has now repaid the entire debt to these banks, sources said.

As a result of that, Reliance Power, on a standalone basis, has become a debt free company.

In December 2023, Reliance power sold the development rights of its proposed 1,200 megawatt hydro-electric project in Arunachal Pradesh to THDC for Rs 128 crore. In March 2024, the company sold its 45 MW wind energy project in Vashpet, Maharashtra to JSW Renewable Energy for a consideration of Rs 132 crore.

Proceeds from the sale of these projects were used to retire debt. With participation of over 38 lakh retail investors, Reliance Power has an equity base of Rs 4,016 crore.

Reliance Power has an operating capacity of 5900 MW, which includes 3960 MW Sasan UMPP and 1200 MW Rosa Thermal power plant in Uttar Pradesh.

Sasan ultra mega power project (UMPP) is one of the largest integrated coal-based power plants in the world.