Sterlite Power Secures ₹2,400 Crore Funding from REC Subsidiary for Beawar Project

14 Feb 2024 , 12:36 PM

Sterlite Power has received ₹2,400 Crore in finance from state-owned REC Power Development and Consultancy Ltd (RECPDCL) for its Beawar transmission project in Rajasthan.

In a statement, Sterlite Power stated that ‘it has successfully achieved financial closure for its Beawar Transmission Limited (BTL) project.’

This accomplishment comes just four months after Sterlite Power acquired the project.

Attaining financial closure is a significant achievement in the lifecycle of an infrastructure project. The rapid accomplishment of this milestone will facilitate the timely completion of this crucial project, which is an essential component of the broader Green Energy Corridor aiming to evacuate approximately 20 GW of renewable energy, stated Pratik Agarwal, Managing Director of Sterlite Power.

Sterlite Power bought the BTL SPV in September 2023 to carry out the interstate green energy transmission project on a BOOT (build, own, operate, transfer) basis for 35 years.

The project calls for the development of a 350-kilometer, 765-kV transmission route connecting Fatehgarh III’s renewable energy zone to a projected substation in Beawar.

The project will also include the installation of a 3000 MVA 765/400kV substation in Beawar.

Sterlite Power has a portfolio of 33 transmission projects (finished, sold, and under development) in India and Brazil, totaling 15,350 circuit kilometres of transmission lines.

Sterlite Power’s cutting-edge Solutions offer customised solutions to space and time issues. It supplies industry-leading power conductors, EHV cables, and OPGW conductors to over 40 countries worldwide. Its Convergence company aspires to leverage existing power transmission assets to provide reliable telephone and internet access to both rural and urban areas of the country.

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