Sterlite Power Concludes Refinancing of GPTL Project With HDFC Bank

Sterlite Power has successfully completed the refinancing of the loan for the Gurgaon Palwal Transmission Limited (GPTL) project with HDFC Bank.

Leading global power transmission player – Sterlite Power has announced that it has successfully completed the refinancing of the loan for the Gurgaon Palwal Transmission Limited (GPTL) project, within 3 months of the project becoming fully operational in April 2020. The new financing to prepay the existing project loan of Rs 800 crores has been arranged by HDFC Bank. The new facility has been availed at significantly favourable terms demonstrating the considerably improved risk profile of the project post achievement of CoD (Date of Commercial Operation).

With this transaction, Sterlite Power has achieved a reduction of almost 300 basis points in the interest cost to be incurred by the project on a per annum basis. As per the firm, the refinancing of this critical ISTS project also highlights the keen interest of financial institutions in funding power transmission projects with stable long-term cash flows.

Pratik Agarwal, Managing Director, Sterlite Power, said, “we are pleased to conclude refinancing of our GPTL project loan by India’s leading financial institution, HDFC Bank. It is a testimony of the continued trust reposed on us by the banking and investor community for our ability to deliver challenging projects on time, with the highest standards of quality and safety, while delivering strong returns.”

Successfully commissioned in the month of April 2020, the GPTL project connects ~2000 MW additional power to Gurugram and Palwal areas in the state of Haryana in India. Apart from making Gurugram DG-set free, this project will enable access to reliable power for more than 3 million households in the state. This project has implemented India’s first vertical GIS substations built at Prithla, Kadarpur, and Sohna. Apart from saving land, this innovation has resulted in offsetting more than 18,000 tons of CO2 emissions each year as compared to the conventional layout of a similar GIS substation.

This ISTS project consists of four 400kV double circuit transmission lines with an aggregate length of 143 km, 3 Gas Insulated Substations (GIS) at Prithla, Kadarpur and Sohna Road, 2 bay extensions at Dhanonda and a LILO connecting the 400kVDC Gurgaon-Manesar transmission line. The 400/220kV GIS substations are multi-storied substations with a rooftop 220kV open switchyard.