New Delhi, 28th December 2023: Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced the acquisition of Neemrana II Kotputli Transmission Limited, a Special Purpose Vehicle (SPV) from PFC Consulting Limited (PFCCL). PFCCL is a wholly owned subsidiary of Power Finance Corporation Limited (PFC), a Maharatna Public Sector Enterprise. 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 company will build this Green Energy – project on a BOOT (build, own, operate, transfer) basis, for a period of 35 years.
This is Sterlite Power’s twentieth power transmission project in India under the TBCB process. With this project, Sterlite Power has ~INR 14,000 Crores of projects under management.
Speaking on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “Enabling part of 7.7 GW of green power flow, the Neemrana II Kotputli Transmission Limited project is another vital cog in the machine that will accelerate the nation’s transition to a sustainable future. These green energy evacuation projects are aligned with our core purpose to enable access to reliable power while minimizing the impact on climate change.”
Neemrana II Kotputli Transmission Limited will require development of two integral components -1) 6000 MVA, 765/400kV substation at Neemrana, and 2) Two 400 kV transmission lines spanning ~ 250kms; connecting Neemrana with existing Kotputli substation, and another LILO corridor that will connect the Neemrana II with Gurgaon & Sohna substations through existing Gurgaon-Sohna line.
In March 2023, Sterlite Power won its first green energy project in Rajasthan – Fatehgarh III Beawar Transmission Ltd (Phase III, Part G project). This was followed by Beawar Transmission Ltd. (Phase III, Part-F) win in August 2023. Taken together with Neemrana II Kotputli Transmission Limited (Rajasthan REZ Ph-IV (Part-1-Bikaner Complex): Part-B), these green energy projects will entail construction of a ~950 km long transmission corridor across Rajasthan. These corridors will be instrumental in evacuation of a significant portion of 20 GW of renewable energy from REZs in Fatehgarh (9.1 GW), Bhadla (8 GW) & Ramgarh (2.9 GW) and 7.7 GW in Bikaner.
This project win adds to the overall green energy portfolio of the company taking the total projects under management tally to 9.
About Sterlite Power:
Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 33 completed, sold and under construction projects covering approximately 15,350 circuit Kms of transmission lines across India and Brazil. Sterlite Power also has a robust portfolio of high-performance power conductors, extra-high voltage (EHV) cables and optical ground wires (OPGW). The Company provides bespoke solutions for the upgrade, uprate, and fiberization of existing transmission infrastructure projects. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is the first transmission player to launch InvIT in the power sector, listed on the BSE Limited and the National Stock Exchange of India Limited. The Company has been recognized as the ‘Power Transmission Company of the Year’ at The Economic Times Energy Leadership Summit 2023 and is a recipient of international awards from S&P Platts as well as International Project Management Association (IPMA). For more details, please visit https://www.sterlitepower.com/
Media Contact:
Sterlite Power:
Shreyosi Sen media@sterlite.com
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