Reliance Power (RPower), on Wednesday, said it had received the first disbursement of Rs.2,550 crore ($470 million) from U.S. Exim Bank and offshore commercial banks. The disbursement is part of $2 billion loan.

It forms part of the overall financing for Reliance Power’s 3,960 MW Ultra Mega Power Project at Sasan, the company said in a statement.

Sasan UMPP is a pit-head coal-fired power generating plant in Madhya Pradesh.

“The disbursement of loans from U.S. Exim and other off-shore commercial banks is a reiteration of the confidence the lenders have on prospects for the Sasan Ultra Mega Power Project, and the execution and operational capabilities of Reliance Power,” J. P. Chalasani, Chief Executive Officer, Reliance Power, said. The first 660 MW unit of the Sasan Ultra Mega Power Plant was commissioned last month. — PTI