Reliance Power has become a debt-free company on a standalone basis, successfully clearing all outstanding dues to lenders, sources disclosed.
The company, which had around Rs 800 crore in debt, has repaid its obligations to banks, they added.
Between December 2023 and March 2024, Reliance Power entered into several debt settlement agreements with various banks, including IDBI Bank, ICICI Bank, Axis Bank, and DBS. The entire debt has been repaid, according to the sources.
This pivotal development means Reliance Power is now debt-free on a standalone basis.
As part of its financial strategy, in December 2023, Reliance Power sold the development rights for its proposed 1,200 MW hydro-electric project in Arunachal Pradesh to THDC for Rs 128 crore.
Further, in March 2024, the company sold its 45 MW wind energy project in Vashpet, Maharashtra to JSW Renewable Energy for Rs 132 crore.
The funds from these asset sales were used to clear the debt.
Reliance Power, which has a retail investor base of over 38 lakh and an equity base of Rs 4,016 crore, has an operating capacity of 5,900 MW. This includes the 3,960 MW Sasan Ultra Mega Power Project (UMPP) and the 1,200 MW Rosa Thermal Power Plant in Uttar Pradesh.
The Sasan UMPP remains one of the largest integrated coal-based power plants globally.
