Tata Cleantech Loans ₹4.4 Billion to Sterlite for a Northeastern Transmission Undertaking

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Energy transmission firm Sterlite Energy introduced the monetary closure for its Nangalbibra-Bongaigaon Transmission Undertaking with debt funding of ₹4.4 billion (~$57.19 million) from Tata Cleantech Capital.

Sterlite Energy had acquired Nangalbibra —Bongaigaon Transmission, a particular objective car (SPV) from PFC Consulting. The corporate gained the inter-state transmission system (ISTS) venture estimated at ₹3.24 billion (~$43 million) via tariff-based aggressive bidding in October 2021. Sterlite leveraged its expertise constructing the NER-II venture, an inter-state transmission venture spanning throughout the northeastern states of Assam, Arunachal Pradesh, and Tripura.

The Nangalbibra-Bongaigaon Transmission venture consists of 250 ckt km of 400 kV Dc transmission line connecting Bongaigaon in Assam to a greenfield substation at Nangalbibra in Meghalaya, 220/132 kV substation at Nangalbibra in Meghalaya, and 50 ckm km of 132 kV Dc line connecting Hatsinghmari in Assam to Ampati in Meghalaya.

The venture will transmit over 1 GW of energy from Assam to the western components of Meghalaya. Other than bringing further energy movement, it is going to additionally assist decongest the downstream networks within the area, enhancing the standard and reliability of energy movement in Northeast India.

“We’re happy to conclude this take care of Tata Cleantech Capital which is a first-of-its-kind local weather finance establishment that’s working in direction of local weather change mitigation in India. Sterlite Energy is an lively proponent of greening the grid, and we’re dedicated to India’s formidable RE purpose of 500 GW by 2030,” stated Pratik Agarwal, Managing Director, Sterlite Energy.

In January 2021, Sterlite Energy had introduced that it raised ₹2 billion ($27.23 million) in debt financing from main funding managers Allianz International Traders (Allianz GI), specializing in sustainable investments. The quantity was raised via a non-convertible debenture with a three-year tenure and is a part of the bigger refinancing train undertaken by Sterlite to cut back its holding firm borrowings.

In October 2020, Sterlite had secured monetary closure for its Vapi II North Lakhimpur Transmission Restricted. The overall debt funding of ₹20.7 billion (~$281 million) got here from Energy Finance Company. Sterlite Energy can be developing transmission property in Maharashtra, Gujarat, Assam, and Arunachal Pradesh, together with important corridors as a part of India’s Inexperienced Power Hall.

In August 2020, the corporate had bought a 14.7% stake within the India Grid Belief for ₹8.4 billion (~$112.2 million) to institutional and excessive net-worth particular person traders. IndiGrid is an infrastructure funding belief (InvIT) established by Sterlite Energy Grid Ventures to personal inter-state energy transmission property in India.




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