Sterlite Power issues BRL 600 million in debentures

Sterlite Power issues BRL 600 million in debentures

  • Debentures issue coordinated by theItaú and Modal bank reinforces the company’s long-term commitment to the national electricity sector in Brazil

New Delhi, 4th April 2022: Sterlite Power Brasil, a subsidiary of the Indian corporation Sterlite Power Transmission Ltd, a company that develops energy transmission projects, announces the issuance of debentures on the total amount of R$ 600 million. Banco Modaland Banco Itaú BBA coordinated the transaction, which reinstates Sterlite’s long-term commitment to Brazil and reinforces the company’s position in the energy sector. The first issuance of Sterlite’s infrastructure debentures in the Brazilian capital market was in 2019.

“We are very pleased to have Itaú BBA and Modal by our side, which bring even more credibility to our projects, always delivered with quality and before the deadline stipulated by Aneel”, recalls Amitabh Prasad, CEO of Sterlite Power Brasil.

“Brazil is a key market for Sterlite Power outside India and holds immense growth potential. We are proud to support Brazil’s transition to a cleaner, sustainable and modern energy system.The Brazilian market has a strategic role to play in global energy transition and Sterlite Power has long-term plans for our operations in the country”, says Pratik Agarwal, Managing Director of Sterlite Power.

The funds will be utilised for the Goyaz (GO), Borborema (PB) and Solaris (MG) projects that plays a key role in the transmission of renewable energy from  solar and wind farms in the region, helping to improve the Brazilian energy matrix and are of great importance to the National Integrated System (SIN). The lots were acquired by Sterlite Power in 2018, shortly after the company arrived in the country. Together, the three projects add up to 548.47 km of transmission lines and will benefit 29 million people.

About Sterlite Power:

Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 27 projects covering approximately 13,950 circuit Kms of transmission lines across India and Brazil. The Company has a portfolio of high-performance power conductors, extra high voltage (EHV) cables and optical ground wires (OPGW). The Company provides bespoke solutions for the upgrade, uprate and fiberization of existing transmission infrastructure projects. Advancing the carriage towards a green energy efficient future, SPTL has an increasing focus on integrating renewable energy into the grid. It was the sponsor of IndiGrid, India’s first power sector InvIT, listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited. The Company was also recognised at The Economic Times Innovation Awards 2020 and is a recipient of awards from International Project Management Association (IPMA).

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