Sterlite Power’s Haryana Transmission Project Achieves Financial Closure

Sterlite Power’s Haryana Transmission Project Achieves Financial Closure

Sterlite Power Transmission Ltd, a leading power transmission company promoted by NRI metals-and-mining tycoon Anil Agarwal, has achieved financial closure for its transmission project in the state of Haryana that will increase electricity supply to residential, commercial and industrial establishments in the energy starved regions of the state by 2,000-3,000 MW and strengthen the transmission network.

“The financial closure was achieved by Yes Bank by underwriting Project Finance Facility of Rs 800 crore for a period of 15 years for the project,” Yes Bank said in a filing on Wednesday.

Commenting on the development, Pravin Agarwal, Chairman, Sterlite Power, said, “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.” Read More…

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