Island Power, owned by Bangalore based GMR Group has revived its 800 MW power project in Singapore. A consortium of banks in Singapore would finance this S$1.3 bn (INR 4,433 Cr) project. Total debt amount is expected to be S$ 850 mn (INR 2,899 Cr).
The project has got delayed due to change in managements and the gas supply agreements. The project will get LNG from the new Singapore LNG Corp terminal. The gas supply agreement is likely to be confirmed with BG Group plc.
GMR group took 100% stake in Island power in May,2009. It is the only private owned IPP in Singapore. This year Singaporean state owned company Temasek Holdings has acquired a stake in the GMR subsidiary developing Island Power, GMR Energy, with a US$ 200 mn (INR 890 Cr) equity injection. The composition has brought back the project on line.
EPC contracts were awarded to Siemens and Samsung in August,2010 to start construction in Q4 of 2010. The project is expected to have the COD around Dec 2013.