Jindal Power signs $470 million loan for Botswana plant

Jindal Power has signed an offshore loan of about $470 million from three Indian lenders to fund its Botswana power project, where its 700 megawatt coal plant is due to be commissioned next month.

Why it matters: The nine year facility, priced around 300 to 325 basis points over SOFR, is another large Indian financing behind generation capacity in southern Africa, where mining demand is pulling in foreign capital for power.

Data as of Bloomberg report carried by Mining Weekly on November 13, 2026, read in full. Single sourced, based on people familiar with the matter who asked not to be identified; Jindal Power and the three lenders did not reply to requests for comment. Developing item.

Jindal Power, the power arm of India’s Jindal Group, has signed an offshore loan of about $470 million to help fund its power project in Botswana, according to people familiar with the matter. Axis Bank, ICICI Bank and the Export-Import Bank of India provided the nine year door-to-door facility, priced at about 300 to 325 basis points over SOFR, and the loan is being syndicated with some global institutional lenders expected to join.

Jindal Power built a 700 megawatt coal power plant in Botswana that is scheduled for commissioning next month, according to its website, and it raised about $500 million in an earlier financing round in February for its expansion abroad. The project revenues are expected to be denominated in, or linked to, foreign currency, giving the borrower a natural hedge against exchange rate swings.

Jindal Power signs $470 million loan for Botswana plant

Sources