MUMBAI: The 500 MW (4x125) Teesta VI hydro power project being developed by Lanco Energy, a subsidiary of Lanco Infratech, in Sikkim, has achieved financial closure. The project, estimated to cost Rs 3,000 crore, would be financed with a debt of Rs 2,400 crore and equity of Rs 600 crore. A consortium of nine banks and financial institutions with ICICI Bank in the lead are providing the debt required for the project, Lanco Infratech informed the BSE. The company will have 74% stake in the project with the government of Sikkim holding the remaining 26 per cent. The construction and EPC contract amounting to Rs 2,340 crore for the project has been awarded to the company. With this contract, the construction and EPC order book of the Lanco Infratech currently stands at over Rs 7,500 crore.
