Reliance Power and subsidiary raise Rs 1200 crore from Varde Partners

Reliance Power Ltd (RPL) and its subsidiary have entered into an indicative memorandum of understanding with Varde Partners, a global alternative investment firm, for availing debt of upto Rs 1,200 crore ($150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL.
"The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations," RPL said in a statement.

RPL's scrip was trading at Rs 23.30, up 9.91% on the BSE on Monday morning.

RPL, a part of the Reliance Group, is a private sector power generation and coal resources company. The company has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and
renewable energy, with an operating portfolio of 5,945 megawatts.

Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested through multiple credit cycles, building on its roots in special situations and distressed to invest more than $90 billion across the credit quality and liquidity spectrum in both public and private markets.

Värde currently manages over $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services.