The company is looking to refinance debt at around 18%, down from the earlier 22-23% borrowing costs. The 540 MW power plant struggled to sustain its original debt, especially when valuations dropped to Rs 2 crore per MW, justifying only Rs 1,100 crore in debt. However, with valuations now improving to Rs 3-Rs 3.5 crore per MW, the viable debt level has risen to around Rs 1,600 crore.
