Sterlite Power Concludes Sale of Novo Estado
São Paulo, Brazil, March 12, 2020: Sterlite Power, a leading global developer in power transmission today announced that the sale process of Sterlite Novo Estado Energia S.A. (Novo Estado) to ENGIE Transmissão de Energia S.A was concluded, with all precedent conditions met.
As a result, today onwards, ENGIE detains 100% of the shares of Novo Estado, and Sterlite Power in Brazil received the respective sale price, under the terms of the Purchase and Sale Agreement, signed between the parties on December 23, 2019.
Novo Estado Project, won by Sterlite at the ANEEL auction in December 2017, includes 1831 km of transmission lines, 4,000 towers and 32,000 km of cables that will contribute to the expansion of the North-Southeast and North-Northeast interconnections, in addition to part of the outflow of energy from the Belo Monte HPP, contributing to the strengthening of an even more solid and active network in the development of the energy transmission system in Brazil and its North region.
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,315 circuit kms and 23,885 MVA in India and Brazil. With an industry leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is also the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE.
Read more: Business Line