Sterlite Power Transmission Limited has achieved financial closure for its transmission project that will increase electricity supply to residential, commercial and industrial establishments in Haryana, India.
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 for the project has been achieved through a debt finance facility underwritted by YES BANK. The total funding amount has reached INR8 billion (US$117.3 million) with a tenor of 15 years.
The project's scope envisages 170 Km transmission line and three high-power sub-stations aiming to increase wheeling capacity to get rid of generators and power cuts while improving the grid network.
Sterlite Power Chairman Pravin Agarwal said:
“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.”
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.”