Sterlite Power Transmission Limited (Sterlite Power) has achieved financial closure for its transmission Project that will increase electricity supply to residential, commercial and industrial establishments in parts of Haryana.
The transmission project will increase power supply by 2,000-3,000 MW to the energy starved region and strengthen the transmission network. The financial closure was achieved by YES BANK by underwriting Project Finance Facility of Rs 800 Crores for a period of 15 years for the project.
“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,” said Sterlite Power Chairman Pravin Agarwal. Sterlite Power is a leading private developer of independent transmission networks.
Speaking about the deal, Rana Kapoor, Managing Director & CEO, YES BANK said, “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 INR. 1,000 Crores 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 24X7 power for achieving Energy Security in our country India. ”
The project to be commissioned by a special purpose vehicle entails 170 Kms 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 is known for adopting global best practices to execute projects ahead of the schedule. It is a pioneer in introducing aerial technologies for execution of power transmission projects. Sterlite Power has deployed Sky Crane to erect transmission towers in the challenging terrains of Jammu and Kashmir. It has also introduced Light Detection and Ranging (LiDAR) technology for surveys and helicopters to avoid disturbances to farm activities and neighbours and speed up the process to commission much-needed infrastructure in India.
Sterlite Power Transmission Limited (Sterlite Power) is India’s leading solution provider of energy delivery. Sterlite Power is driven by the core purpose of empowering humanity by addressing the toughest challenges of energy delivery. It is currently executing 10 transmission projects in 15 states spanning nearly 7,000 Circuit Km., with a capital commitment of ~$2 billion.
The company has pioneered the deployment of global technologies in project development, even in the most difficult geographies, enabling it to complete projects ahead of schedule. Known for introducing cutting edge technologies in project execution, Sterlite Power also offers solutions for transmission system integration and manufactures conductors and cables. For details, visit: www.sterlitepower.com
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India by 2020”.