Swan Energy prepays Rs 300 cr Debt for its Jafrabad FSRU Project
Swan Energy Limited has made a prepayment of Rs. 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project.
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Mumbai, Dec 26: Swan Energy Limited has made a prepayment of Rs. 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project. The company has made the debt prepayment out of its internal accruals through its subsidiary Triumph Offshore Private Limited (TOPL) to its consortium of senior lenders of FSRU Project. To ensure the seamless execution of debt prepayment, TOPL has also created the required Debt Service Retention Account (DSRA) of ~Rs. 95 crore.
This step is a testament to Swan Energy's commitment to project sustainability. This strategic move demonstrates the company's foresight in managing financial obligations and optimizing resources. The successful debt prepayment is a significant milestone, propelling Swan Energy towards greater financial resilience and ensuring the FSRU Project's continued success.
The FSRU vessel was commissioned in February 2023, which represents India's first new build FSRU initiative, embodying Swan Energy's leadership in ushering transformative developments in the LNG sector. The partial debt prepayment is a significant milestone, demonstrating a strong financial position.
Swan Group has a presence in the textile, real estate, oil and gas and petrochemical sectors. Additionally the recent acquisition of Reliance Naval and Engineering Limited marks its entry into the shipbuilding, ship repairing and heavy fabrication industry.
