Sterlite Power Transmission completes full debt financing for Nangalbibra project
- March 7, 2022
Sterlite Power Transmission Ltd has achieved financial closure for its Nangalbibra-Bongaigaon Transmission Ltd (NBTL) project, after securing the entire debt component.
In a release, Sterlite Power said that it has arranged for the entire debt component of Rs.440 crore from Tata Cleantech Capital Ltd.
Financial closure for the NBTL project has been achieved within two months of acquiring the project special purpose vehicle. The project was won under the tariff-based competitive bidding (TBCB) route.
Tata Cleantech Capital Ltd, it may be mentioned, is India’s first private sector climate finance institution in the Green Banking network.
Also read: Sterlite Power Commissions Final Element Of Khargone Transmission Scheme
Committed to RE goals
Commenting on the financial milestone, Pratik Agarwal, Managing Director, Sterlite Power said, “We are pleased to conclude this deal with Tata Cleantech Capital which is a first-of-its-kind climate finance institution that is working towards climate change mitigation in India. Sterlite Power is an active proponent of greening the grid, and we arecommitted to India’s ambitious renewable energy goal of 500 GW by 2030.”
Strengthening the northeastern grid
Sterlite Power, it may be recalled, acquired the NBTL project in December 2021 to execute the interstate transmission system (ISTS) project. The project involves construction of around 300 ckm of transmission lines and a 320-MVA greenfield substation, across the northeastern terrain of Assam and Meghalaya.
The NBTL project aims to transfer over 1,000 mw of power from Assam to western parts of Meghalaya. Apart from bringing additional power flow, it will also help in decongesting the downstream networks in the region, improving the quality and reliability of power flow in northeastern India.
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