Sterlite Power Announces Financial Closure of Lakadia Vadodara Transmission Project Worth INR 2,024 Crore from IndusInd Bank and L&T Infrastructure Finance Co Ltd.
Sterlite Power, a leading global developer in power transmission, has achieved financial closure for its Lakadia Vadodara Transmission Project Ltd (LVTPL). This project is part of India’s Green Energy Corridor (GEC) and will enable the country’s renewable energy target of achieving 175 GW RE by 2022. The project has secured funds worth INR 2,024 Crore from IndusInd Bank and L&T Infrastructure Finance.
Commenting on the development, Anuraag Srivastava, Group CFO, Sterlite Power said, “This project is aligned to our country’s renewable energy target of 175 GW RE by 2022. As a leading global developer in power transmission, Sterlite Power aims to deliver and execute large scale renewable energy transmission projects across the country.”
Sterlite Power had won this project (WRSS 21 – Part B) through tariff-based competitive bidding (TBCB) process that connects the wind energy zones of Bhuj in Gujarat to the load centres in the States of Gujarat and Maharashtra. It involves laying of 330 kms of 765 kV double-circuit transmission line to connect 765/400 kV Lakadia substation to Vadodara substation in Gujarat, in an aggressive timeframe of 18 months.
Sterlite Power is renowned for adopting global best practices and innovations for execution of its various projects with a track record of delivering on or ahead of schedule.