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India's Reliance Power Gets New Life Line on Coal Power Plant Loan

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A full financial, technical and environmental review will be undertaken by the members of the U.S. Export - Import Bank before they take a vote on giving India's Reliance Power a loan. The loan worth $600 million is to finance a new coal fired power plant to be located in India.

The board had voted against the proposed loan last month. The Indian power company needs the loan to purchase coal mining equipment from Bucyrus International, Inc., headquartered in South Milwaukee, Wisconsin, USA. After the vote, Bucyrus officials warned losing the deal could result in 1,000 people in 13 states losing their jobs.

This has lead to a rethink on the loan. The bank has now agreed to reconsider the decision and a final vote will be taken after considering the plant's impact on the environment later this year. Reliance Power agreed to cap the project's emissions at 850 grams of carbon dioxide per kilowatt hour. It has also committed to develop a 250-megawatt renewable energy facility. This power plant, when built will be among the largest renewable energy projects in India.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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