Sterlite Power secures Rs440 crore debt financing from Tata Cleantech Capital for NBTL project
Sterlite Power Transmission Limited, a leading private sector power transmission infrastructure solution provider and developer, has achieved financial close for its Nangalbibra – Bongaigaon Transmission Limited (NBTL) project. It successfully secured the entire debt financing of Rs 440 crore from Tata Cleantech Capital, which is the first private sector climate finance institution of the Green Banking Network. This financial closure is achieved within 2 months following the acquisition of the project by the SPV.
Sterlite Power acquired the SPV NBTL in December 2021 to execute the Interstate Transmission System project. The project involves the construction of approximately 300 cktkm of transmission lines and a new substation with a transformer capacity of 320 MVA in the northeast land of Assam and Meghalaya.
Commenting on this financial milestone, Pratik Agarwal, Managing Director of Sterlite Power, said, “We are delighted to enter into this agreement with Tata Cleantech Capital, a one-of-a-kind climate finance institution working on 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 target of 500 GW by 2030.”
Manish Chourasia, Managing Director of Tata Cleantech Capital Ltd., said, “India’s power transmission sector is playing a critical role in the country’s transition to a net-zero carbon future. Our goal 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 this direction.
Sterlite Power has a solid track record in successfully executing complex projects and has set new benchmarks in the industry using cutting-edge technologies and innovative financing. Despite weak market conditions due to the pandemic, the company has managed to forge relationships with major Indian financial institutions – a testament to the continued trust placed in the company by the banking and investor community.
The NBTL project will transmit over 1,000 MW of electricity from Assam to the western parts of Meghalaya. Apart from bringing in additional electricity flow, it will also help decongest the downstream networks in the region, thereby improving the quality and reliability of electricity flow in northeast India.