Sterlite Power achieves financial closure for transmission project

Sterlite Power Transmission Limited has achieved financial closure for its transmission project that will increase electricity supply to residential, commercial and industrial establishments in parts of Haryana. The transmission project will increase power supply by 2,000-3,000 MW to the energy starved region and strengthen the transmission network.

The project to be commissioned by an SPV entails 170 km transmission line and three high-power sub-stations aiming to raise wheeling capacity to get rid of generators and power cuts besides strengthening the grid network. Financial closure was achieved by Yes Bank by underwriting project finance facility of Rs 800 crore for a period of 15 years for the project.

"We are confident of commissioning the project ahead of schedule, as we have done in our other projects. It will ensure quality power for ever expanding areas of Haryana,” said Pravin Agarwal, Chairm, Sterlite Power.
Speaking about the deal, Rana Kapoor, MD and CEO, Yes Bank said, “We are focused on playing a vital role in enabling projects which will lead to an energy efficient India. Vide this project, which caters to a large section of north India's population, we are enabling a significant step towards 24x7 power for achieving energy security in India. ”