Sterlite Power Transmission Limited, a leading private sector power transmission infrastructure developer and solutions provider, has achieved financial closure for its Nangalbibra – Bongaigaon Transmission Limited (NBTL) project.
It has successfully secured the entire debt funding of Rs 440 crores from Tata Cleantech Capital which is the first private sector climate finance institution in the Green Banking Network. This financial closure is achieved within two months of the SPV acquisition of the project.
Sterlite Power acquired the NBTL SPV in December 2021 to execute the inter-state transmission system project. The project involves construction of around 300 ckt km of transmission lines and a greenfield substation with 320 MVA transformation capacity across the North-Eastern states of Assam and Meghalaya.
The NBTL project will transmit over 1000 MW of power from Assam to western parts of Meghalaya. Apart from bringing additional power flow, it will also help in decongesting the downstream networks in the region, improving the quality and reliability of power flow in North-East India.
Commenting on the financial milestone, Pratik Agarwal, Managing Director, Sterlite Power said, “We are pleased to conclude this deal with Tata Cleantech Capital which is a first-of-its-kind climate finance institution that is working towards climate change mitigation in India. Sterlite Power is an active proponent of greening the grid, and we are committed to India’s ambitious Renewable Energy goal of 500 GW by 2030.”
“India’s power transmission sector is playing a critical role in the country’s transition to a net-zero carbon future. Our objective at Tata Cleantech Capital is to support and invest in green energy sectors and the long-term financing of this project is a step in that direction,” Manish Chourasia, Managing Director, Tata Cleantech Capital Ltd said.
“Sterlite Power has a strong track record of executing complex projects successfully and has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing,” the company said.
“Despite the weak market conditions owing to the pandemic, the company has been successful in forging relationships with India’s leading financial institutions – a testimony of the continued trust reposed on the company by the banking and investor community,” it added.