Anil Ambani group firm Reliance Power (R-Power), has received US$1 billion funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.

The fund raised from China Exim Bank, Chinese Development Bank and China Export & Credit Insurance Corporation (Sinosure).

Reliance Power is currently developing two power projects — Rosa Phase I (600 Mw) and Sasan UMPP (3,960 Mw).     

The Reserve Bank of India had already approved the company to raise $2 billion (about Rs 8,500 crore) each of External Commercial Borrowings for both Sasan and Krishnapatnam UMPPs

The raised amount would help R-Power to achieve financial closure of the Sasan plant, which is projected to have an investment of Rs 15,000 crore. The first unit of Sasan UMPP is expected to be commissioned in December 2011 and the project is expected to be commissioned by March 2013.

The company posted a consolidated net profit of Rs 61.22 crore for the first quarter ended on June 30, 2008. While the consolidated total income stood at Rs 80.55 crore in the latest quarter.