Varde Partners to lend Rs.1,200-Cr to Reliance Power

Varde Partners is to lend INR 1,200 crore (USD 150 million) to publicly-listed Reliance Power Ltd (RPL) and its subsidiary. The funds would be used for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL. RPL, a part of the Reliance ADA Group, operates in power generation and coal resources. The company has a large portfolio of power projects, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.