Reliance Power subsidiary Rosa Power Supply Company has written off another debt of Rs 485 crore owed to Singapore-based Varde Partners, taking its total debt prepayment to Rs 1,318 crore. Rosa Power has now fully settled its debt owed to Varde Partners ahead of the original schedule. With that, Rosa Power Supply became a debt-free company. Reliance Power is part of the Reliance Group headed by business magnate Anil Ambani.
The Rs 485 crore payment followed a separate advance payment of Rs 833 crore to Varde Partners in September.
Rosa Power operates a 1,200 MW coal-fired thermal power plant in Rosa village near Uttar Pradesh’s Shahjahanpur.
With the strengthening of its balance sheet, and the recent special issue of equity-linked warrants of Rs 1,525, Rosa Power will support Reliance Energy in pursuing business opportunities, in the fast-growing clean renewable energy sector.
This preferred issue is estimated to take the company’s capital worth over Rs 12,680 crore from Rs 11,155 crore.
Additionally, apart from debt obligations owed to banks, Reliance Power intends to pursue growth opportunities in the clean green energy sector.
Reliance Power is among the largest private power generation and coal utilities in the country.
It has one of the largest portfolios of electricity projects in the private sector, based on coal, gas, hydro and renewable energy.
Reliance Power, part of the Reliance Group also known as Reliance ADA, has an approved portfolio of 5,300 megawatts.
Earlier on Wednesday, shares of Reliance Power – trading under the ticker symbol RPOWER on the BSE and NSE – firmed by Rs 2.1, or 5.0 percent, to settle at Rs 43.5 apiece.
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