Nava Bharat Ventures Ltd has announced that is step-down subsidiary Maamba Collieries Ltd (MCL) has achieved financial closure for its integrated coal and power project, estimated to cost $828 million. The project has already achieved 80 per cent of progress in all facets of implementation and is scheduled for commissioning by mid 2016.

The project is being funded on a debt equity ratio of 70:30. International lenders like development financial institutions from South Africa and large international commercial banks from Africa and China, have participated in this limited recourse project finance deal. It is the first project in Africa to have obtained insurance cover from China Export & Credit Insurance Corporation (SINOSURE), a release from Nava Bharat Ventures said.

This 300-mw power plant is fully integrated with captive coal mining, dedicated water supply system and an exclusive 330kV power transmission system. Maamba Collieries Ltd is promoted by Nava Bharat (Singapore) with 65 per cent equity stake with ZCCM-IH holding 35 per cent stake.

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