REC subsidiary provides Rs 2,400 cr funding to Sterlite Power

New Delhi: Sterlite Power has secured Rs 2,400 crore funding from state-owned REC Power Development and Consultancy Ltd (RECPDCL) for its Beawar transmission project in Rajasthan.

In a statement, Sterlite Power said "it has has successfully achieved financial closure for its Beawar Transmission Limited (BTL) project."

This accomplishment comes within four months of Sterlite Power acquiring the project.

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"Financial closure is an important milestone in an infrastructure project's lifecycle. Achieving this in a short span will help us in expediting the delivery of this critical project - an integral part of the larger Green Energy Corridor that will help evacuate around 20 GW of renewable energy," Pratik Agarwal, Managing Director, Sterlite Power said.

Sterlite Power acquired the BTL SPV in September 2023 to execute the inter-state green energy transmission project on BOOT (build, own, operate, transfer) basis, for a period of 35 years.

The project involves construction of a 350 km, 765kV transmission corridor that will connect the renewable energy zone at Fatehgarh III to a proposed substation at Beawar.

The project will also include construction of 3000 MVA 765/400kV substation at Beawar.

Sterlite Power has a portfolio of 33 (completed, sold and under construction) transmission projects, covering 15,350 circuit kms of transmission lines, across India and Brazil.

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