Sterling and Wilson gets INR20bn for Gujarat transmission project

Sterlite Power has secured INR20.24bn ($273m) in funding from IndusInd Bank and L&T Infrastructure Finance for a transmission project in Gujarat. Sterlite, which said the project is in line with India's renewable energy target of 175 GW by 2022, will develop the project as a build, own, operate and maintain model for 35 years. The transmission project will link the wind energy zones of Bhuj in Gujarat with load centres in Maharashtra and Gujarat.

Global player in the power transmission space Sterlite Power has secured funding for about Rs 2,024 crore for its power transmission project in Gujarat.

The company said that, it has achieved financial closure for its Lakadia Vadodara Transmission Project Ltd (LVTPL).

It further added that, we have secured funds worth Rs 2,024 crore from IndusInd Bank and L&T Infrastructure Finance.

Commenting on the development, Anuraag Srivastava, Group CFO of Sterlite Power, said that “this project is aligned to our country’s renewable energy target of 175 GW RE by 2022. As a leading global developer in power transmission, Sterlite Power aims to deliver and execute large scale renewable energy transmission projects across the country.”

The company had won this project in December last year under tariff-based competitive bidding process in Gujarat.

The global power transmission assets developer had acquired this inter-state green energy corridor (GEC) transmission project from PFC Consulting Ltd.

It will further execute this project (WRSS 21 – Part B) under Build, Own, Operate and Maintain (BOOM) model for a period of thirty five years.

Moreover, this project will connect the wind energy zones of Bhuj in the state of Gujarat to the load centres in both Maharashtra and Gujarat states, the company added.

Under the project, the company will be laying of 350 kms of 765 kV double-circuit transmission line connecting 765/400 kV Lakadia substation to Vadodara substation in the state of Gujarat.

Additionally, the project has an aggressive timeframe of 18 months for completion.