New Delhi, February 12, 2024: Sterlite Power, a leading power transmission developer and global products and services provider, has successfully achieved financial closure for its Beawar Transmission Limited (BTL) project. The project has secured funds totaling ~INR 2400 crore from REC Power Development and Consultancy Limited – a wholly owned subsidiary of Rural Electricity Corporation. This accomplishment follows within just four months of Sterlite Power acquiring the project.
Commenting on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “Financial closure is an important milestone in an infrastructure project’s lifecycle. Achieving this in a short span will help us in expediting the delivery of this critical project – an integral part of the larger Green Energy Corridor that will help evacuate around 20 GW of renewable energy.”
Sterlite Power acquired the BTL SPV in September 2023 to execute the inter-state green energy transmission project on BOOT (build, own, operate, transfer) basis, for a period of 35 years. The project involves construction of a 350 km, 765kV transmission corridor that will connect the renewable energy zone at Fatehgarh III to a proposed substation at Beawar. The project will also include construction of 3000 MVA 765/400kV Substation at Beawar and two LILO lines covering approximately 120 km.
Sterlite Power has a proven track record of executing complex projects successfully and has set new industry benchmarks through cutting-edge technologies and innovative financing.
About Sterlite Power:
Sterlite Power is a global power transmission infrastructure developer and global products and services provider with footprint in India and Brazil. It has a robust portfolio of 33 (completed, sold and under construction) power transmission projects, covering approximately 15,350 circuit Kms of transmission lines, across both the geographies. With a strong portfolio of high-performance products and solutions, the company exports to over 70 countries. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is also the first transmission player to launch InvIT in the power sector, listed on the BSE Limited and the National Stock Exchange of India Limited. The company has been recognized as the ‘Power Transmission Company of the Year’ at The Economic Times Energy Leadership Summit 2023 and is a recipient of international awards from S&P Platts as well as International Project Management Association (IPMA). For more details, please visit https://www.sterlitepower.com/
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