Yes Bank underwrites project finance facility worth Rs 800 crore

India Infoline News Service | Mumbai | January 04, 2017 14:00 IST

The project to be commissioned by a special purpose vehicle entails 170 kms transmission line and three high-power sub-stations aiming to raise wheeling capacity to get rid of generators and power cuts besides strengthening the grid network.

Sterlite Power Transmission Limited (Sterlite Power) closed financially a transmission project aimed at increasing the electricity supply to residential, commercial and industrial establishments in parts of Haryana. Yes Bank achieved the financial closure by underwriting the Project Finance Facility of Rs 800 crore for a period of 15 years.

The project to be commissioned by a special purpose vehicle entails 170 kms transmission line and three high-power sub-stations aiming to raise wheeling capacity to get rid of generators  and  power cuts besides strengthening 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."

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 Rs 1,000 crore 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 India. "

***Note: This is a NSE Chart

 

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