Energy firm Welsh Power Group Ltd is raising a loan of up to 550 million pounds ($1.09 billion) to finance the development of the 850 megawatt Severn Power project in Newport, according to the company's banks.
Calyon, ING and Royal Bank of Scotland have been mandated to arrange an underwritten loan that will finance the construction of a merchant combined cycle gas turbine project in Uskmouth. The project has a three-year construction phase and will be well placed to take advantage of the projected capacity shortfall in the UK power market, according to the banks.
HUGE LOAN SOUGHT FOR NEWPORT POWER PROJECT
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