Sterlite Power gets Rs 305 Cr funding from Aseem Infra Finance

  • Industry News
  • Feb 06,23
Sterlite Power, a leading power transmission developer and solutions provider has achieved financial closure for its Kishtwar Transmission Limited (KTL) project located in Jammu and Kashmir (J&K).
Sterlite Power gets Rs 305 Cr funding from Aseem Infra Finance

Sterlite Power, a leading power transmission developer and solutions provider has achieved financial closure for its Kishtwar Transmission Limited (KTL) project located in Jammu and Kashmir (J&K). It has successfully secured the entire debt funding of Rs 305 crores from Aseem Infrastructure Finance, an NBFC–IFC (Infrastructure Finance Company), promoted by the Strategic Opportunity Fund (SOF) of National Investment and Infrastructure Fund (NIIF), with anchor investments from government of India and Japan’s Sumitomo Mitsui Banking Corporation (SMBC).

Sterlite Power acquired the KTL Special Purpose Vehicle (SPV) in December 2022 to execute the inter-state transmission system project. The project involves construction of a transmission system comprising of a 400/132kV GIS (Geographic Information System) substation at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti. The transmission system will aid evacuation of 1000MW of power from Pakaldul hydro electric project to the Kishtwar substation.

Apart from bringing additional power flow, it will also help in decongesting the downstream networks in the region, improving the quality and reliability of power flow in Kashmir valley.

Commenting on the financial milestone, Akshay Hiranandani, Executive Director, Corporate Finance, Sterlite Power said, “We are pleased to conclude this deal with Aseem Infrastructure Finance Limited in record time. We are proud to play a role in providing reliable power and building a secure energy future for Jammu and Kashmir. This will be our second project in the region after delivering the mega NRSS Kashmir project ahead of schedule.”

Virender Pankaj, CEO, Aseem Infrastructure Finance , said “The debt solution was structured in a manner so as to balance the unique requirements of all the stakeholders involved while delivering a swift TAT. In line with its vision to help create a futuristic India through transformative infrastructure financing, Aseem has been making rapid strides as reflected in its high-quality asset book crossing INR 10,000 crores mark in 25 months of operations.”

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