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

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

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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