Sterlite Gets Rs 1373 Cr for 6000 MVA Neemrana Transmission Project

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The Neemrana II Kotputli Transmission Limited (NKTL) project has closed the financing transaction, according to Sterlite Power, a well-known operator in the power transmission industry. The enterprise has achieved a significant milestone with the acquisition of a sizeable sum of INR 1373 crore from Power Finance Corporation (PFC), a prestigious Maharatna Public Sector Enterprise.

The green energy corridor project was made possible by Sterlite Power acquisition of the Neemrana II Kotputli Transmission Limited SPV in November 2023. With two essential components, the project will run for 35 years on a Build, Own, Operate, and Transfer (BOOT) basis. These include the construction of a state-of-the-art, 6000 MVA, 765/400 kV substation at Neemrana, and a roughly 250-kilometer-long network of 400 kV transmission lines. This network is ready to create essential connections, such as connecting the Neemrana substation to the Kotputli substation, and it can also be easily integrated with the Gurgaon and Sohna substations by using the Gurgaon-Sohna line, which is now in place, in a LILO (Line-In Line-Out) configuration.

Sterlite Power’s Director of Corporate Finance, Raji George, expressed his happiness at having arrived at this point and emphasised the importance of working with PFC, a well-known financial company in the power industry. George emphasised PFC’s faith in Sterlite Power’s capacity to complete difficult and significant transmission projects across the country. Sterlite Power has a proven track record, as evidenced by its ability to close its projects’ finances within months of the SPV acquisition. The company further solidified its position in the banking and investor world earlier this year when, in February 2024, it obtained funding for Beawar Transmission Limited from REC Power Development and Consultancy Limited, a wholly-owned subsidiary of REC.

Sterlite Power has a portfolio of thirty-three completed, sold, and under construction power transmission projects covering approximately 16,529 circuit km of transmission lines across India and Brazil. In India, Sterlite Power has about USD 2 billion worth of projects under management. It has won a third (by tariff) of all inter-state private transmission projects awarded in India under competitive bidding since 2011.