Sterlite Power Announces Financial Closure of Beawar Transmission Limited Project
Bengaluru, February 12, 2024: Sterlite Power, a leading power transmission developer and global products and services provider, has successfully achieved financial closure for its Beawar Transmission Limited (BTL) project. The project has secured funds totaling ~INR 2400 crore from REC Power Development and Consultancy Limited – a wholly owned subsidiary of Rural Electricity Corporation. This accomplishment follows within just four months of Sterlite Power acquiring the project.
Commenting on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “Financial closure is an important milestone in an infrastructure project’s lifecycle. Achieving this in a short span will help us in expediting the delivery of this critical project – an integral part of the larger Green Energy Corridor that will help evacuate around 20 GW of renewable energy.”
Sterlite Power acquired the BTL SPV in September 2023 to execute the inter-state green energy transmission project on BOOT (build, own, operate, transfer) basis, for a period of 35 years. The project involves construction of a 350 km, 765kV transmission corridor that will connect the renewable energy zone at Fatehgarh III to a proposed substation at Beawar. The project will also include construction of 3000 MVA 765/400kV Substation at Beawar and two LILO lines covering approximately 120 km.
Sterlite Power has a proven track record of executing complex projects successfully and has set new industry benchmarks through cutting-edge technologies and innovative financing.