Sterlite Power secures Rs580cr debt funding from REC for Udupi-Kasargode Transmission Project

The project set up by UKTL is an Inter-State Transmission System project spanning across the southern states of Karnataka and Kerala.

Jun 17, 2021 10:06 IST India Infoline News Service

Sterlite Power
Sterlite Power, a global developer of power transmission infrastructure has announced the successful financial closure of the project set up by Udupi-Kasargode Transmission Project Ltd (UKTL).

It has secured the entire debt funding of Rs580cr from one of India’s largest power sector lenders, REC Limited.

The project set up by UKTL is an Inter-State Transmission System project spanning across the southern states of Karnataka and Kerala.

It is made up of two critical elements including a 1000MVA 400/220 kV Gas Insulated Substation (GIS),  one of the first GIS substations to be built at Kasargode in Kerala, mentioned by the company.

In accordance with the Letter of Award received from REC Transmission Projects Company, the project involves construction of a 400kV (Quad) D/c transmission line, extending over 240 ckm (circuit km), from Udupi in Karnataka to Kasaragode in Kerala.

Accordingly, the scope of the project also includes supply and installation of two 400 kV line bays and bus bar extension at Udupi switchyard.

Commenting on the development, Anuraag Srivastava, Group CFO, Sterlite Power said, “Sterlite Power has been successful in concluding a number of financial deals with global and national investors in the past. We are pleased to secure funding from REC - one of India’s largest financial institutions in the power sector, for this project.”

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