Sterlite Power Transmission Ltd, a leading power transmission company promoted by NRI metals-and-mining tycoon Anil Agarwal, has achieved financial closure for its transmission project in the state of Haryana that will increase electricity supply to residential, commercial and industrial establishments in the energy starved regions of the state by 2,000-3,000 MW and strengthen the transmission network.
"The financial closure was achieved by Yes Bank by underwriting Project Finance Facility of Rs 800 crore for a period of 15 years for the project," Yes Bank said in a filing on Wednesday.
Commenting on the development, Pravin Agarwal, Chairman, Sterlite Power, 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. We are extremely happy to partner with Yes bank on this highly critical project and are further delighted with the confidence expressed by Yes bank in our project and abilities to execute the same."
According to Rana Kapoor, Managing Director and CEO, Yes Bank, "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 24×7 power for achieving energy security in our country India."
The project, to be commissioned by a special purpose vehicle, entails 170 km 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, born out of the demerger of the power business from Maharashtra-based Sterlite Technologies, is a utility company in the otherwise commodity-centric group and is engaged in owning and operating power transmission projects. It has four manufacturing assets in Odisha, Uttarakhand and Dadra and Nagar Haveli.