Sterlite Power has announced that it has secured funding worth Rs.1,373 crore for its newly-acquired interstate transmission system (ISTS) project housed under “Neemrana II Kotputli Transmission Ltd.”
In a release, Sterlite Power said that it has successfully achieved financial closure for its Neemrana II Kotputli Transmission Ltd (NKTL) project by securing funds totaling Rs.1,373 crore from Power Finance Corporation (PFC).
Show of trust
Commenting on this milestone, 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.”
Project elements
Sterlite Power acquired the project SPV “Neemrana II Kotputli Transmission Ltd” 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, taking shape in Rajasthan, encompasses two critical components:
- a 6,000 MVA, 765/400kV substation at Neemrana, and
- a 400kV transmission line network spanning approximately 250 km
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.
Strong track record
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 Ltd from REC Power Development & Consultancy Ltd, a wholly-owned subsidiary of REC Ltd.
Also read: Sterlite Power Gets Stakeholder Nod For Demerger Of Transmission Business
Featured photograph (source: Sterlite Power) is for representation only.