Sterlite Power secures Rs 1,373 cr funding from PFC – EQ
In Short : Sterlite Power has obtained Rs 1,373 crore in funding from Power Finance Corporation (PFC). This financial support will enhance Sterlite Power’s infrastructure projects, contributing to the development of efficient and reliable power transmission networks.
In Detail : Sterlite Power acquired the Neemrana II Kotputli Transmission SPV in November 2023 to execute the green energy corridor on a BOOT basis for a period of 35 years
Sterlite Power said on Thursday that it has successfully achieved financial closure for its Neemrana II Kotputli Transmission (NKTL) project. The project has secured funds totalling ₹1,373 crore from Power Finance Corporation (PFC), the transmission services major said.
Raji George, Director, Corporate Finance, Sterlite Power said, “We are pleased to conclude the financial deal for one of our largest GEC projects with one of India’s largest and most reputed financial institutions in the power sector – PFC. This deal is a show of trust by PFC in our capability to deliver some of the most challenging and impactful transmission projects in the country.”
Sterlite Power acquired the Neemrana II Kotputli Transmission SPV in November 2023 to execute the green energy corridor on a Build, Own, Operate, and Transfer (BOOT) basis for a period of 35 years.
The project encompasses the development of two critical components: a state-of-the-art 6000 MVA, 765/400kV substation at Neemrana and a 400 kV transmission line network spanning approximately 250 km.
This network will establish vital interconnections, linking the Neemrana substation to the existing Kotputli substation, while also facilitating a LILO (Line-In Line-Out) that will seamlessly integrate the Neemrana II substation with the Gurgaon and Sohna substations through the existing Gurgaon-Sohna line.
In February 2024, the company achieved the closure of funding for Beawar Transmission from REC Power Development and Consultancy, a wholly owned subsidiary of REC.
