GMR secures $820M loan for 800MW Singapore plant construction

GMR Energy has secured an $820 milllion loan to finance the construction of an 800MW combined-cycle project at Jurong Island, Singapore.

The Siemens / Samsung consortium will deliver the project, which will employ gas turbines manufactured by Siemens.

The power project is expected to begin commercial operations in 2013, reports the Business Standard.

The finance has been secured from Axis Bank, CIMB Bank, KfW IPEX- Bank, National Australia Bank, Standard Chartered Bank and WestLB.

Construction of the plant, which will be fuelled by re-gasified LNG, is expected to cost around $1billion.