Out of the four projects being promoted by Reliance Power in the country, the Jamnagar project will be the first to have achieved financially closure before December 31, 2000.

``The Initial Escrow and Disbursement Agreement (IEDA) has already been signed by the Gujarat Electricity Board (GEB) with the promoters of the project. Following the final escrow agreement, we expect the project to achieve financial closure by December 31,'' ministry officials said. As per the approved cost, the Jamnagar project has a foreign cost component of $453.34 million and a rupee component of Rs 6.96 billion.

In addition to Reliance's Jamnagar project, officials informed that two other Gujarat projects namely the 250 mw project of the Gujarat Mineral Development Corporation (GMDC) at Kutch and the 160 mw project of the Gujarat State Energy Corporation (GSEC) at Surat have also been identified for financial closure by the calendar year-end. Even the 447.1 mw Patalganaga power of Reliance in Maharashtra is close to achieving financial closure. The chairman of the Maharashtra State Electricity Board (MSEB) has informed the power ministry in a recent meeting that the escrow agreement would be signed during this month. Reliance Power is the sole equity holder in both these projects. Other power projects promoted by Reliance Power are the 500 mw Jayamkondam lignite power project in Tamil Nadu besides the 3,960 mw Hirma mega power project in Orissa.