Reliance Power stock up on getting US funding

Shares of Reliance Power surged this week to 52-week high of Rs 191 after the ADAG company announced a US$5 bn (nearly Rs 220bn) funding from the US Export Import Bank for executing about 9,000 MW of gas-based and renewable energy projects. RPower chairman Anil Ambani and the US Ex-Im Bank president Fred Hochberg signed a memorandum of understanding (MoU) during the visit of US President Barack Obama. The agreement would make available long-term dollar loans in the next three years. RPower also said that it was procuring equipment worth about Rs 100bn from General Electric (GE) and other US companies for its power and coal mining projects.