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Sterlite Power concludes refinancing of Khargone transmission project for Rs1200 crore

22 Mar 2022 , 10:38 AM

Sterlite Power

Sterlite Power, a leading power transmission developer and solutions provider, has announced the successful refinancing of its project loan for the recently commissioned Khargone Transmission Project.

The new financing from Aseem Infrastructure Finance Limited (Rs525 crore), NIIF Infrastructure Finance Limited (Rs450 crore) and Aditya Birla Finance Limited (Rs225 crore), will enable prepayment of the existing project loan of approximately Rs1100 croreores.

With this transaction, Sterlite Power has achieved a reduction of almost 400 basis points in the interest cost to be incurred by the project on a per annum basis, demonstrating the considerably improved risk profile of the project post achievement of CoD (Date of Commercial Operation).

The refinancing of this croreitical inter-state transmission project also highlights the keen interest of financial institutions in funding power transmission projects with stable long-term cash flows.

Pratik Agarwal, Managing Director, Sterlite Power, said, “This transaction aligns well with our strategy and will provide greater financial headroom to the business in the coming years. It is a testimony of the continued trust reposed on us by the banking and investor community for our ability to deliver challenging projects on time, while delivering strong returns.”

Virender Pankaj, CEO, Aseem Infrastructure Finance Ltd, said “Aseem Infra is glad to have played the lead role in partnering Sterlite Power in stitching the long-term debt financing for the project. The solution was structured to balance the unique requirements of all the stakeholders while ensuring a swift TAT. Aseem Infra firmly believes in collaboration and has partnered with like-minded institutions for this transaction.”

Related Tags

  • project
  • Sterlite Power
  • Sterlite Power award
  • Sterlite Power khargone project
  • Sterlite Power Limited
  • Sterlite Power news
  • transmission order
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