Sterlite Power Transmission Limited (Sterlite Power) has achieved financial closure for its transmission Project that will increase electricity supply to residential, commercial and industrial establishments in parts of Haryana. The transmission project will increase power supply by 2,000-3,000 MW to the energy starved region and strengthen the transmission network. The financial closure was achieved by YES BANK by underwriting Project Finance Facility of INR. 800 Crores for a period of 15 years for the project.
"We are confident of commissioning the project ahead of schedule, as we have done in our other projects. It will ensure quality power for ever expanding areas of Haryana. We are extremely happy to partner with YES BANK on this highly critical project and are further delighted with the confidence expressed by YES BANK in our project and abilities to execute the same,” said Sterlite Power Chairman Pravin Agarwal. Sterlite Power is a leading private developer of independent transmission networks.
Speaking about the deal, Rana Kapoor, Managing Director & CEO, YES BANK said, “YES BANK is focused on playing a vital role in enabling projects which will lead to an energy efficient India. We are pleased to partner with Sterlite Power to set up their INR. 1,000 Crores inter-state power transmission asset in Haryana under the Point of Connection mechanism. Vide this project, which caters to a large section of north India's population, we are enabling a significant step towards 24X7 power for achieving Energy Security in our country India. ”
The project to be commissioned by a special purpose vehicle entails 170 Kms transmission line and three high-power sub-stations aiming to raise wheeling capacity to get rid of generators and power cuts besides strengthening the grid network.
Sterlite Power is known for adopting global best practices to execute projects ahead of the schedule. It is a pioneer in introducing aerial technologies for execution of power transmission projects. Sterlite Power has deployed Sky Crane to erect transmission towers in the challenging terrains of Jammu and Kashmir. It has also introduced Light Detection and Ranging (LiDAR) technology for surveys and helicopters to avoid disturbances to farm activities and neighbours and speed up the process to commission much-needed infrastructure in India.
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