Reliance [Get Quote] Power (R-Power), the Reliance-ADAG group company, which plans to set up 28,000 mw of power plants in India, has secured $1 billion (or around Rs 4,200 crore) 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 [Get Quote] and China Export & Credit Insurance Corporation (Sinosure) will help R-Power to achieve financial closure of the Sasan plant, which is projected to have an investment of Rs 15,000 crore (Rs 150 billion). 

Financial closure for the Sasan project could happen within two months, said company sources.