Sterlite Power Gets PFC Funding, To Build Sturdy Transmission Projects

Financial closure for the Neemrana II Kotputli Transmission Limited (NKTL) project has been successfully attained by Sterlite Power. A Maharatna Public Sector Enterprise, Power Finance Corporation (PFC), has provided financing totaling INR 1373 crore for the NKTL project.

Commenting on this milestone, Raji George, Director-Corporate Finance, Sterlite Power, said, “We are pleased to conclude the financial deal for one of our largest GEC NKTL Project with one of India’s largest and most reputed financial institution in the power sector–PFC. This deal is a show of trust by PFC in our capability to deliver some of the most challenging and impactful transmission projects in the country.”

In November 2023, Sterlite Power purchased the Neemrana II Kotputli Transmission Limited SPV in order to carry out the green energy corridor on a 35-year Build, Own, Operate, and Transfer (BOOT) basis.

The project involves the construction of two essential elements: a 400 kV transmission line network that spans around 250 kilometers and a cutting-edge 6000 MVA, 765/400 kV substation located near Neemrana.

In addition to providing a LILO (Line-In Line-Out) that will smoothly integrate the Neemrana II substation with the Gurgaon and Sohna substations through the current Gurgaon-Sohna line, this network will create essential connections, connecting the Neemrana substation to the current Kotputli substation.

Many of Sterlite Power‘s projects have reached financial close within months after SPV purchase, demonstrating a great track record in this regard. The business closed the financial deal with REC Power Development and Consultancy Limited, a fully owned subsidiary of REC, earlier in February 2024 for Beawar Transmission Limited. This demonstrates the banking and investment communities’ ongoing faith in the organization confirmed its official release.