Sterlite Power secures Rs580cr debt funding from REC
18 Jun, 2021
18 Jun, 2021
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Utility service firm Sterlite Power has secured a funding of Rs 580 crore from Rural Electrification Corporation for its Udupi Kasargod Transmission Project. The company said it has successfully completed the closure of the project set up by Udupi-Kasargode Transmission Project Ltd (UKTL).
This inter-state transmission project was spanning across the southern states of Karnataka and Kerala. The scope of the project also includes supply and installation of two 400 kV line bays and bus bar extension at Udupi switchyard.
The project is made of two critical elements, including a 1000 MVA 400/220 kV Gas Insulated Substation (GIS), one of the first GIS substations to be built at Kasargod, the company said in its statement.
The company has received a Letter of Award from RECPTCL (REC Transmission Projects Company Ltd), according to which, the project involves construction of a 400kV (Quad) D/c transmission line, extending over 240 ckm (circuit km), from Udupi in Karnataka to Kasaragod in Kerala. Anuraag Srivastava, Group CFO of Sterlite Power said the company was pleased to secure funding from REC.
In March 2021, Sterlite Power successfully completed its transmission project NER-II and subsequently sold it to IndiGrid. Recently, the company announced an equal partnership with global investment manager AMP Capital to develop greenfield power transmission projects in India, including the UKTL project.
Sterlite Power is a leading developer of power transmission infrastructure. Pratik Agarwal, managing director of Sterlite Power, in a recent interview said that the firm is actively working towards greening the grid through power transmission projects. It is now working on the ambitious idea of inter-country power grids, on which US Special Presidential Envoy for Climate John Kerry reached out for collaboration.
This inter-state transmission project was spanning across the southern states of Karnataka and Kerala. The scope of the project also includes supply and installation of two 400 kV line bays and bus bar extension at Udupi switchyard.
The project is made of two critical elements, including a 1000 MVA 400/220 kV Gas Insulated Substation (GIS), one of the first GIS substations to be built at Kasargod, the company said in its statement.
The company has received a Letter of Award from RECPTCL (REC Transmission Projects Company Ltd), according to which, the project involves construction of a 400kV (Quad) D/c transmission line, extending over 240 ckm (circuit km), from Udupi in Karnataka to Kasaragod in Kerala. Anuraag Srivastava, Group CFO of Sterlite Power said the company was pleased to secure funding from REC.
In March 2021, Sterlite Power successfully completed its transmission project NER-II and subsequently sold it to IndiGrid. Recently, the company announced an equal partnership with global investment manager AMP Capital to develop greenfield power transmission projects in India, including the UKTL project.
Sterlite Power is a leading developer of power transmission infrastructure. Pratik Agarwal, managing director of Sterlite Power, in a recent interview said that the firm is actively working towards greening the grid through power transmission projects. It is now working on the ambitious idea of inter-country power grids, on which US Special Presidential Envoy for Climate John Kerry reached out for collaboration.
