Reversing its earlier decision, the US Exim Bank has agreed to provide $600 million in loan guarantees to suppliers for Reliance Power's (RPL) coal-fired project and a mine in Sasan, Madhya Pradesh.
Wednesday's announcement would help preserve 1,000 jobs in Wisconsin and 13 other states.
Last Thursday, the Export-Import Bank of the United States had rejected a request from Reliance Power to finance the projects on environmental grounds.
The 3,960 MW coal-fired power project is projected to emit 26,000 to 27,000 tonnes of carbon dioxide per annum.
The loan guarantees are for US-made mining equipment that Reliance Power has contracted to purchase from Bucyrus International, a Milwaukee, Wisconsin-based company.
On Thursday, Reliance Power shares ended 1% lower at Rs169.50 on the Bombay Stock Exchange where the benchmark Sensex closed 1% down at 17,509 points.
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