Reliance Power to buy equipment worth $10 billion from Shanghai Electric
28 Oct 2010
In what could be the single largest order by a power producer, Reliance Power today announced that it would purchase $10 billion worth of boilers, turbines and generators from Shanghai Electric Corporation.
The company would use the equipment for its proposed 30,000 MW power plants (36 coal-fired generators of 660-megawatt each), over a decade.
Reliance Power said financing of the equipment has been arranged through Chinese banks such as Bank of China, China Development Bank and The Exim Bank of China.
Shanghai Electric, in its filing with the Hong Kong stock exchange, said: "Contracts (for the supply) order are expected to be signed."
Reliance Power chairman Anil Ambani is in Shanghai to sign the contract for supply of equipment for the three ultra mega power projects, each with a capacity of nearly 8,000 MW.
The equipment will be supplied to Krishnapatnam ultra mega power project, Chitrangi project and Tilaiya power plant, each of 7,920 MW capacity.
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