Sterlite Power Secures Funding Worth Rs 1373 crore from PFC

The project has secured funds totaling Rs 1373 crore from Power Finance Corporation (PFC), a Maharatna Public Sector Enterprise.

Sterlite Power Secures Funding Worth Rs 1373 crore from PFC

 Sterlite Power, a leading power transmission company, has successfully achieved financial closure for its Neemrana II Kotputli Transmission Project. The project has secured funds totaling Rs 1373 crore from Power Finance Corporation (PFC), a Maharatna Public Sector Enterprise.

Sterlite Power acquired the Neemrana II Kotputli Transmission Limited SPV in November 2023 to execute the green energy corridor on a Build, Own, Operate, and Transfer (BOOT) basis for 35 years. The project encompasses the development of two critical components: a state-of-the-art 6000 MVA, 765/400kV substation at Neemrana, and a 400 kV transmission line network spanning approximately 250 kilometers.

This network will establish vital interconnections, linking the Neemrana substation to the existing Kotputli substation, while also facilitating a LILO (Line-In Line-Out) that will seamlessly integrate the Neemrana II substation with the Gurgaon and Sohna substations through the existing Gurgaon-Sohna line.

Read Also : Powergrid won Silver awards at ET Government PSU Leadership & Excellence Awards 24

Sterlite Power has a strong track record of achieving financial closure of many of its projects within months of the SPV acquisition. Earlier in February 2024, the company achieved the closure of funding for Beawar Transmission Limited from REC Power Development and Consultancy Limited – a wholly-owned subsidiary of REC. This is a testimony of the continued trust reposed in the company by the banking and investor community.

Read Also : GRSE bags export order for commercial vessels

Sterlite Power is a leading private sector power transmission infrastructure developer and Global Products and Services provider.

Read Also : AI-Driven Legal Search Startup DeepJudge Raises $10.7M in Seed Round Led by Coatue