Sterlite Power Secures Rs 2,070 Cr Debt Funding from PFC for Vapi Transmission Project

Sterlite Power, a leading company in the power transmission space, has secured the entire debt funding of Rs 2070 crore for its Vapi II North Lakhimpur Transmission Ltd (VNLTL) project from Power Finance Corporation Ltd (PFC Ltd), one of the country’s major power sector lenders.

October 21, 2020. By Manu Tayal

Sterlite Power, a leading company in the power transmission space, has secured the entire debt funding of Rs 2070 crore for its Vapi II North Lakhimpur Transmission Ltd (VNLTL) project from Power Finance Corporation Ltd (PFC Ltd), one of the country’s major power sector lenders.

Further, the financial closure has been achieved by the company within 4 months of the special purpose vehicle (SPV) acquisition of the project.

Earlier in June 2020, the company acquired this VNLTL SPV to execute one of the largest inter-state transmission system (ISTS) projects covering Western Region Strengthening Scheme-XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme-IX (NERSS-IX).

Significantly, this single project, with its various sub-elements, will supply clean and green energy from solar, nuclear and hydro power to the western and north eastern region of India.

This project aimed to set up 179 ckm of lines for critical system strengthening to decongest the Navi Mumbai transmission corridor by bringing in an inter-state transmission feed of about 1,000 MW. This link will cater to the growing energy requirements in the region owing to the upcoming Navi Mumbai Airport and Special Economic Zone (SEZ).

Commenting on the financial milestone, Pratik Agarwal, Managing Director, Sterlite Power said, “we are pleased to conclude this mega financial deal with one of India’s largest and most reputed financial institution in the power sector – PFC, amidst a tough market situation. This deal is a huge show of trust by PFC in our capability to deliver some of the most challenging and impactful transmission projects in the country.”

“Earlier this month, we also inducted REC Ltd as the Lead Lender for LVTPL, our Green Energy Corridor project. We are an active proponent of greening the grid, and we see about 80 per cent of our new projects to be linked to transportation of renewable energy,” he added.

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