Sterlite Power Transmission has achieved financial closure for its transmission project that will increase electricity supply to residential, commercial and industrial establishments in parts of Haryana, India. 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 INR. 800 Crores for a period of 15 years for the project.
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 interstate 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 toward 24X7 power for achieving Energy Security in our country India. ”
The project to be commissioned by a special purpose vehicle and entails a 170-km transmission line and three high-power substations aiming to raise wheeling capacity to get rid of generators and power cuts besides strengthening the grid network.