Sterlite Power, a
leading global power transmission player, has achieved financial closure for
its Vapi II North Lakhimpur Transmission Limited (VNLTL) project by securing
the entire debt funding of INR 2070 crores from one of India's largest power
sector lenders, Power Finance Corporation Limited (PFC Ltd.). The financial
closure is achieved within four months of the SPV acquisition of the project.
Sterlite Power acquired VNLTL SPV in June 2020 to execute one of the largest
inter-state transmission system projects covering Western Region Strengthening
Scheme-XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme-IX
(NERSS-IX). 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.
Further, this project aims 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, Mr. 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."
He further added, "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."
Sterlite Power with its strong track record has successfully achieved financial
closure of many of its projects despite the weak market conditions owing to the
pandemic. Earlier in July 2020, the company had refinanced its Gurgaon Palwal
Transmission project with India's leading financial institution - HDFC Bank. In
Oct 2020, it introduced REC Ltd. as the lead lender for its Green Energy
Corridor project - LVTPL. Now with the closure of funding for VNLTL from PFC,
the company has been able to forge relationships with India's largest power
sector financing institutions. This is a testimony of the continued trust
reposed on the company by the banking and investor community.
Shares of POWER FINANCE CORPORATION LTD. was last trading in BSE at Rs.87.4 as
compared to the previous close of Rs. 87.25. The total number of shares traded
during the day was 168992 in over 1109 trades.
The stock hit an intraday high of Rs. 88.15 and intraday low of 86.7. The net
turnover during the day was Rs. 14800611.
Sandip Ginodia , CEO
ALTIUS INVESTECH PVT LTD
We deal in over 60 unlisted companies with 15 years of experience
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .
Email : ginodiasandip1@gmail.com
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