Sterlite Announces Fin Closure For Beawar Project From REC

Sterlite Announces 2400Cr Fin Closure For Beawar Project From REC

In yet another indicator of the improved funding environment for larger power projects, especially in the renewables sector, Sterlite Power, has  announced a financial closure for its Beawar Transmission Limited (BTL) project.

Sterlite project has secured funds totaling INR 2400 Cr. 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 (MD), 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 Line In Line Out (LILO) lines covering approximately 120 km.

Last year, Sterlite Power, announced the acquisition of Neemrana II Kotputli Transmission Limited, a Special Purpose Vehicle (SPV) from PFC Consulting Limited (PFCCL).

The project was awarded to Sterlite Power through the Tariff Based Competitive Bidding (TBCB) process in November 2023. Through the Neemrana II Kotputli Transmission Limited SPV, the firm will build this green energy project on a BOOT (build, own, operate, transfer) basis, for a period of 35 years.