Reliance Power, its subsidiary to raise debt of up to Rs 1,200 crore from Varde Partners

Reliance Power and its subsidiary have inked a pact with Varde Partners for availing debt of up to Rs 1,200 crore.

In a regulatory filing, Reliance Power said the company and its subsidiary have entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore (USD 150 million) "for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by Reliance Power."

Varde Partners is a leading global alternative investment firm specializing in credit and credit-related assets.

The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations, the filing added.

The stock exchanges will be updated once the terms of the proposed financing are finalised and the definitive documents in relation to the proposed financing are executed, it further said.

Reliance Power Ltd, a part of the Reliance Group, is a leading private sector power generation and coal resources company.

The company has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.