Sterlite Power Announces Financial Closure of Lakadia Vadodara Transmission Project Worth INR 2,024 Crore from IndusInd Bank and L&T Infrastructure Finance Co Ltd
New Delhi, 3rd March 2020: Sterlite Power, a leading global developer in power transmission, has achieved financial closure for its Lakadia Vadodara Transmission Project Ltd (LVTPL). This project is part of India’s Green Energy Corridor (GEC) and will enable the country’s renewable energy target of achieving 175 GW RE by 2022. The project has secured funds worth INR 2,024 Crore from IndusInd Bank and L&T Infrastructure Finance.
Commenting on the development, Anuraag Srivastava, Group CFO, Sterlite Power said, “This project is aligned to our country’s renewable energy target of 175 GW RE by 2022. As a leading global developer in power transmission, Sterlite Power aims to deliver and execute large scale renewable energy transmission projects across the country.”
Sterlite Power had won this project (WRSS 21 – Part B) through tariff-based competitive bidding (TBCB) process that connects the wind energy zones of Bhuj in Gujarat to the load centres in the States of Gujarat and Maharashtra. It involves laying of 330 kms of 765 kV double-circuit transmission line to connect 765/400 kV Lakadia substation to Vadodara substation in Gujarat, in an aggressive timeframe of 18 months.
Sterlite Power is renowned for adopting global best practices and innovations for execution of its various projects with a track record of delivering on or ahead of schedule.
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,315 circuit kms and 23,885 MVA in India and Brazil. With an industry leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is also the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE.
Media Contacts:
Sterlite Power: media@sterlite.com
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