Zambia: Nava Bharat nearing financial close on coal plant

India’s Nava Bharat Ventures Ltd expects to reach financial close on $560m long term debt financing for a $800m, 300MW coal mouth power project in early 2014. The African Development Bank (AfDB) approved a $150m loan for the project on 2 October (AE 263/7) and it is also supported by an export credit agency (ECA) facility from China’s Sinosure. It will burn low-grade coal which is currently at risk of spontaneous combustion while lying dormant at the Maamba colliery. Financial close had been expected in October but has been delayed as the Chinese sanction process is taking longer than expected.