Sterlite SPV Gets Rs 440 Cr Tata Cleantech Funds
MUMBAI, Mar 7 (The CONNECT) – Sterlite Power Transmission Limited has achieved financial closure for its Nangalbibra – Bongaigaon Transmission Limited (NBTL) project securing a debt funding of INR 440 crores from Tata Cleantech Capital.
Sterlite Power acquired the NBTL SPV in December 2021 to execute the inter-state transmission system project. The project involves construction of ~300 ckt (circuit) km of transmission lines and a greenfield substation with 320 MVA transformation capacity across the North-Eastern terrain of Assam and Meghalaya.
Pratik Agarwal, Managing Director, Sterlite Power said the company is an active proponent of greening the grid, and we are committed to India’s ambitious renewable energy goal of 500 GW by 2030.
Manish Chourasia, Managing Director, Tata Cleantech Capital Ltd., said: “India’s power transmission sector is playing a critical role in the country’s transition to a net-zero carbon future. Our objective at Tata Cleantech Capital is to support and invest in green energy sectors and the long-term financing of this project is a step in that direction.”
Sterlite Power has a strong track record of executing complex projects successfully and has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Despite the weak market conditions owing to the pandemic, the company has been successful in forging relationships with India’s leading financial institutions – a testimony of the continued trust reposed on the company by the banking and investor community.
The NBTL project will transmit over 1000 MW of power from Assam to western parts of Meghalaya. Apart from bringing additional power flow, it will also help in decongesting the downstream networks in the region, improving the quality and reliability of power flow in North-East India.