Sterlite Power Secures Rs 305 Cr Debt Funding for Kishtwar Transmission Project
Power transmission projects developer Sterlite Power has achieved financial closure for its Kishtwar Transmission Ltd (KTL) project located in Jammu & Kashmir (J&K), securing its smooth execution and operations.
January 11, 2023. By Manu Tayal
The company has successfully secured the entire debt funding of Rs 305 crore from Aseem Infrastructure Finance Ltd, an NBFC–IFC (Infrastructure Finance Company), promoted by the Strategic Opportunity Fund (SOF) of the National Investment and Infrastructure Fund (NIIF), with anchor investments from Government of India and Japan’s Sumitomo Mitsui Banking Corporation (SMBC).
Commenting on the financial milestone, Akshay Hiranandani, Executive Director- Corporate Finance, Sterlite Power said, “We are pleased to conclude this deal with Aseem Infrastructure Finance Limited in record time. We are proud to play a role in providing reliable power and building a secure energy future for J&K. This will be our second project in the region after delivering the mega NRSS Kashmir project ahead of schedule.”
In December 2022, it acquired the KTL SPV to execute the inter-state transmission system (ISTS) project. The scope of work of the project includes the construction of a transmission system comprising a 400/132kV GIS substation at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti. The transmission system will aid the evacuation of 1 GW power from Pakaldul Hydro Electric Project to the Kishtwar substation.
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 Kashmir valley.
“Aseem Infra is glad to have supported Sterlite Power by providing long-term debt financing for the Kishtwar project which would contribute immensely to the infrastructure growth story of J&K. The debt solution was structured in a manner so as to balance the unique requirements of all the stakeholders involved while delivering a swift TAT. In line with its vision to help create a futuristic India through transformative infrastructure financing, Aseem has been making rapid strides as reflected in its high-quality asset book crossing INR 10,000 crores mark in 25 months of operations,” said Virender Pankaj, CEO, Aseem Infrastructure Finance Ltd.
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