Sterlite ties up with Yes Bank to fund transmission project
Sterlite Power Transmission on Wednesday said that it has tied up with Yes Bank to fund a transmission project that will increase electricity supply in 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 company said in a statement.
According to the statement, 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," said Sterlite Power Chairman Pravin Agarwal in the statement. Sterlite Power is a private developer of independent transmission networks.
Speaking on this, Yes Bank Managing Director & CEO Rana Kapoor said,"We are pleased to partner with Sterlite Power to set up their Rs 1,000 crores inter-state power transmission asset in Haryana under the Point of Connection mechanism." 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 Transmission Ltd is a leading solution provider of energy delivery. It is currently executing 10 transmission projects in 15 states spanning nearly 7,000 circuit Kms, with a capital commitment of $2 billion.
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