[Funding News] Sterlite Power Secures INR 1373 Cr Funding From PFC

Sterlite Power, a leading power transmission company, has successfully achieved financial closure for its Neemrana II Kotputli Transmission Limited project. The project has secured funds totaling INR 1373 crore from Power Finance Corporation (PFC).

Sterlite Power acquired the Neemrana II Kotputli Transmission Limited SPV in November 2023 to execute the green energy corridor on a Build, Own, Operate, and Transfer (BOOT) basis for a period of 35 years. The project encompasses the development of two critical components: a state-of-the-art 6000 MVA, 765/400kV substation at Neemrana and a 400 kV transmission line network spanning approximately 250 kilometers. This network will establish vital interconnections, linking the Neemrana substation to the existing Kotputli substation, while also facilitating a LILO (Line-In Line-Out) that will seamlessly integrate the Neemrana II substation with the Gurgaon and Sohna substations through the existing Gurgaon-Sohna line.

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Sterlite Power has a strong track record of achieving financial closure of many of its projects within months of SPV acquisition. Earlier in February 2024, the company achieved the closure of funding for Beawar Transmission Limited from REC Power Development and Consultancy Limited – a wholly owned subsidiary of REC. This is a testimony of the continued trust reposed on the company by the banking and investor community.

Raji George, Director-Corporate Finance, Sterlite Power, said, “We are pleased to conclude the financial deal for one of our largest GEC projects with one of India’s largest and most reputed financial institution in the power sector–PFC. This deal is a show of trust by PFC in our capability to deliver some of the most challenging and impactful transmission projects in the country.”

About Sterlite Power

Sterlite Power is a leading private sector power transmission infrastructure developer and Global Products and Services provider. We have a robust portfolio of thirty-three completed, sold and under construction power transmission projects covering approximately 16,529 circuit kms of transmission lines across India and Brazil. In India, Sterlite Power has about USD 2 billion worth of projects under management. It has won a third (by tariff) of all inter-state private transmission projects awarded in India under competitive bidding since 2011.

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