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In a significant development, Sterlite Power, a prominent player in the power transmission sector, has successfully sealed the financial deal for its Neemrana II Kotputli Transmission Limited (NKTL) project. Securing a substantial sum of INR 1373 crore from Power Finance Corporation (PFC), a distinguished Maharatna Public Sector Enterprise, marks a pivotal milestone for the venture.
The acquisition of the Neemrana II Kotputli Transmission Limited SPV by Sterlite Power in November 2023 paved the way for executing the green energy corridor project. Operating on a Build, Own, Operate, and Transfer (BOOT) basis for a tenure of 35 years, the project comprises two critical components. These include the development of a cutting-edge 6000 MVA, 765/400kV substation in Neemrana and a 400 kV transmission line network spanning approximately 250 kilometers. This network is poised to establish vital interconnections, linking the Neemrana substation to the existing Kotputli substation, while also facilitating seamless integration with the Gurgaon and Sohna substations through the existing Gurgaon-Sohna line via a LILO (Line-In Line-Out) arrangement.
Raji George, the Director of Corporate Finance at Sterlite Power, expressed satisfaction at reaching this juncture, emphasizing the significance of partnering with PFC, a renowned financial institution in the power sector. George highlighted the trust shown by PFC in Sterlite Power’s ability to deliver on challenging and impactful transmission projects across the nation.
Sterlite Power’s proficiency in achieving financial closure for its projects within months of SPV acquisition underscores its strong track record. Earlier this year, in February 2024, the company secured funding for Beawar Transmission Limited from REC Power Development and Consultancy Limited, a wholly owned subsidiary of REC, further cementing its standing within the banking and investor community. |
