New Delhi, Sep 5 (IANS): Reliance Power Limited (RPL) and its subsidiary entered into an indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore (US$ 150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL.

The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals, including regulatory approvals as per applicable rules/ laws/ regulations.

The stock exchanges will be updated once the terms of the Proposed Financing are finalised and the definitive documents in relation to the proposed financing are executed.

Reliance Power Limited, a part of the Reliance Group, is India's leading private sector power generation and coal resources company. The Company has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.

Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets.

Founded in 1993, the firm has invested through multiple credit cycles, building on its roots in special situations and distressed to invest more than $90 billion across the credit quality and liquidity spectrum in both public and private markets.

Värde currently manages over $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services.