Sterlite Power delivers its first project in Brazil 28 months ahead of schedule.
Arcoverde Project covers 139 km of power lines and three substations to boost wind energy power transmission in the Pernambuco region.
Sterlite Power celebrates the kickoff of operations in the Arcoverde project today, May 9th, 2019, in Pernambuco. This is the first of 10 projects assigned to the company in Brazil.
After the company won the project through transmission tender No. 5/2016 and began construction works in May 2018, the Arcoverde project, which boasts 400 MVA in power, covers 139 km of transmission lines, 281 towers and a new substation (Arcoverde II), besides expanding two other substations (Garanhuns II and Caetés II) in the region. With CAPEX as estimated by ANEEL amounting to BRL 164 million, and BRL 24.6 million of the annual permitted revenue (RAP) and generated approximately 800 jobs in the region during the project’s development.
The group of assets within the Arcoverde project expand coverage in the Pernambuco outback region, reinforces the system and covers the growing power demand in the region.
According to Rui Chammas, CEO of Sterlite Power in Brazil, “this is an important milestone for us. We’re confident about our operations in Brazil and for delivering the first project 28 months ahead of the schedule set by ANEEL, thanks to the hard work of our highly qualified team and our operational engineering excellence, as well as the commitment of our partners. This project showcases how infrastructure can help the National Integrated System – in this case supplying the Northeast region with renewable wind power.”
Pratik Agarwal, Group CEO Sterlite Power said, “It is a proud moment for us to deliver our first project in Brazil in record time, and this is possible because of immense hard work and support from our partners and employees. Delivering Arcoverde only two years after Sterlite Power came to Brazil showcases our solid standing in the country. We are committed to build and deliver high quality power transmission assets in Brazil by bringing in innovative technologies and global best practices, and by further strengthening our local talent base and partner ecosystem.”
Sterlite Power is a leading global developer of power transmission infrastructure in India and Brazil with a portfolio of 22 projects. It invests in talent, technologies and innovative financial solutions to deliver high quality projects ahead of schedule. Sterlite Power is the sponsor of IndiGrid, India’s first Infrastructure Investment Trust (InvIT) which recently received investments from leading global investors KKR and GIC. With this investment, IndiGrid now plans to acquire 5 transmission assets from Sterlite Power’s India portfolio. And Sterlite Power will redeploy this capital into greenfield transmission projects in India, Brazil and other new markets.
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects in India and Brazil. It has won 10 power transmission projects in 11 Brazilian states since 2017 (Bahia, Ceará, Goiás, Pernambuco, Pará, Paraíba, Minas Gerais, Rio Grande do Norte, Rio Grande do Sul, Sergipe and Tocantins), with total 29 transmission lines, 34 substations, 4,424 km in length, CAPEX of over BRL 7.7 billion and RAP of more than BRL 728 million. Sterlite Power also offers solutions for updating, improving and strengthening existing transmission networks, and is a market leader in power conductors and EHV cables. The company has set new benchmarks in the industry through cutting-edge technologies and operational management that seeks excellence in asset generation, in addition to innovative financing. Sterlite Power also sponsors IndiGrid, the first Infrastructure Investment Company in the energy industry in India (“InvIT”). Go to www.sterlitepower.com/br to learn more.
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