Tag: Sterlite Power

Business

Sterlite Power Announces Financial Closure of Beawar Transmission Limited Project

Feb 12, 2024 by Sujata Muguda 0 Comments #Beawar Transmission Limited Project, #Pratik Agarwal, #Sterlite Power

Bengaluru, February 12, 2024: Sterlite Power, a leading power transmission developer and global products and services provider, has successfully achieved financial closure for its Beawar Transmission Limited (BTL) project. The project has secured funds totaling ~INR 2400 crore from REC Power Development and Consultancy Limited – a wholly owned subsidiary of Rural Electricity Corporation. This accomplishment follows within just four months of Sterlite Power acquiring the project.

Commenting on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “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.”

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 and two LILO lines covering approximately 120 km.

Sterlite Power has a proven track record of executing complex projects successfully and has set new industry benchmarks through cutting-edge technologies and innovative financing.

Business

Sterlite Power Announces Financial Closure of Beawar Transmission Limited Project

Feb 12, 2024 by Sujata Muguda 0 Comments #Beawar Transmission Limited Project, #Pratik Agarwal, #Sterlite Power

Mumbai, February 12, 2024: Sterlite Power, a leading power transmission developer and global products and services provider, has successfully achieved financial closure for its Beawar Transmission Limited (BTL) project. The project has secured funds totaling ~INR 2400 crore from REC Power Development and Consultancy Limited – a wholly owned subsidiary of Rural Electricity Corporation. This accomplishment follows within just four months of Sterlite Power acquiring the project.

Commenting on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “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.”

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 and two LILO lines covering approximately 120 km.

Sterlite Power has a proven track record of executing complex projects successfully and has set new industry benchmarks through cutting-edge technologies and innovative financing.

Business World

Sterlite Power secures INR 580 crore funding from REC for Udupi Kasargode Transmission Project

Jun 17, 2021 by Neel Achary 0 Comments #Sterlite Power

Mumbai, 16th June 2021: Sterlite Power, a global developer of power transmission infrastructure, announced the successful financial closure of the project set up by Udupi-Kasargode Transmission Project Ltd (UKTL). It has secured the entire debt funding of INR 580 crores from one of India’s largest power sector lenders, REC Limited (REC.).

The project set up by UKTL is an Inter-State Transmission System project spanning across the southern states of Karnataka and Kerala. It is made up of two critical elements including a 1000MVA 400/220 kV Gas Insulated Substation (GIS), one of the first GIS substations to be built at Kasargode in Kerala. In accordance with the Letter of Award received from RECTPCL (REC Transmission Projects Company Ltd.), the project involves construction of a 400kV (Quad) D/c transmission line, extending over ~240 ckm, from Udupi in Karnataka to Kasaragode in Kerala. The project scope also includes supply and installation of two 400kV line bays and bus bar extension at Udupi switchyard.

Commenting on the development, Anuraag Srivastava, Group CFO, Sterlite Power said, “Sterlite Power has been successful in concluding a number of financial deals with global and national investors in the past. We are pleased to secure funding from REC – one of India’s largest financial institutions in the power sector, for this project.”

Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop greenfield power transmission projects in India which includes the UKTL project as well. It has also raised project finance from both private as well as public sector financial institutions like IndusInd Bank and PFC Ltd., for its transmission projects. In March 2021, Sterlite Power successfully completed its transmission project NER-II and subsequently sold it to IndiGrid.

About Sterlite Power

Sterlite Power is a global developer of power transmission infrastructure with projects of over 13,700 circuit kms and 26,100 MVA in India and Brazil. With a portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. Sterlite Power is the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE. Sterlite Power has been recognised with The Economic Times Innovation Awards 2020 and is a recipient of global awards from S&P Global Platts and International Project Management Association (IPMA).

Business World

Sterlite Power and Vinci Partners announce a strategic partnership in the power transmission sector for the purchase of Vineyards Project

Apr 15, 2021 by Neel Achary 0 Comments #Sterlite Power

Mumbai, 15 April 2021: Sterlite Power, a leading developer of power transmission infrastructure in India and Brazil, and Vinci Energia (VIGT11), through Vinci Infraestrutura Gestora de Recursos LTDA, announced the formalization of the commitment of first acquisition of issuance of debentures convertible into shares for the Vineyards Project that is in the final phase of implementation.

The transaction under this relevant fact foresees R$ 149 million in debentures aimed at developing projects in Sterlite Power’s portfolio. The investment amount can be converted into shares with an 80% purchase option when the Project is complete in this year. The remaining 20% can be purchased within 190 days.

With an initial investment of R$ 395 million, the Vineyards Project includes the construction of 112 km of transmission lines, implementation of two new 496 MVA substations, and the expansion of four substations in the regions of Garibaldi, Bento Gonçalves, Lajeado, and Bagé. A previous debenture issue was held in 2019 when R$250 million was raised. The contract also gives way for the parties to negotiate for more projects in Sterlite Power’s portfolio.

“This partnership is an important recognition for our operations in Brazil since last four years and our long-term plan in the country. We understand that Vinci has identified the quality of our assets for the composition of its infrastructure investment fund, and we are happy to continue together on this journey,” says Marco Tanure, CFO of Sterlite Power Brazil.

This is the second transaction between the two companies. The Arcoverde Project, completed in 2019, with 129 km in transmission lines, three substations (a new one) in the Region of Pernambuco, was acquired by the fund in 2020.

“The partnership involving Vineyards represents an important acquisition for Vinci Energia FIP-IE (VIGT11), which focuses on the electricity sector. This will be the seventh asset acquired by the fund and, currently, will represent a relevant portion of the fund’s portfolio. Vineyards reinforces the investment strategy of VIGT11 in high quality assets and high predictability of cash generation”, says José Guilherme Cruz Souza, partner and head of Infrastructure at Vinci Partners.”

Business World

Sterlite Power elevates Manish Agarwal as CEO of Infrastructure & Solutions Business

Feb 25, 2021 by Neel Achary 0 Comments #Managing Director, #Pratik Agarwal, #Sterlite Power

Mumbai: Sterlite Power, a leading global developer of power transmission, today announced the elevation of Manish Agarwal as CEO of the Infrastructure business, in addition to his existing role as CEO for the Solutions Business.

Manish has been associated with the Sterlite Group for 22 years and has held various leadership positions across the organization. Prior to his role elevation, he was CEO of the Solutions Business which focuses on brownfield transmission comprising of Master Systems Integration (MSI) and manufacturing of underground power cables and overhead products including High Performance Conductor & OPGW.

In the elevated role, Manish will be responsible for both greenfield and brownfield transmission business of the company in India.

Commenting on the appointment, Pratik Agarwal, Managing Director, Sterlite Power, said “Manish is a seasoned leader with rich experience in the power & telecom sectors. His strong leadership credentials give us tremendous confidence in his ability to lead this business in alignment with our organization’s core-purpose and values”, he said.

Manish holds positions of pre-eminence with various Chambers, Associations, Technical bodies, & Councils and has been a leading voice on industry matters, shaping policy priorities on trade and sustainability. He is a Harvard alumnus and has also pursued Executive Leadership Programs from IIM-A and ISB, Hyderabad.

Business World

Sterlite Power appoints Amitabh Prasad as Brazil CEO effective 1st February 2021

Jan 14, 2021 by Neel Achary 0 Comments #Amitabh Prasad as Brazil CEO, #Sterlite Power

Sao Paulo, Brazil: Sterlite Power, a leading global developer of power transmission, today announced the appointment of Amitabh Prasad as CEO, Sterlite Power Brazil. After two years of association with the company in various leadership positions, Ricardo Cleber Zangirolami has decided to step down from the CEO position due to personal reasons. He will continue to support the company in his capacity as member of the Advisory Board with focus on M&A, Regulatory and Legal. These changes are effective February 1st, 2021 subject to necessary approvals.

Amitabh is a seasoned industry professional with over 25 years of experience in leadership positions across power and infrastructure sectors. Over the last three years, Amitabh has successfully led the Global Supply Chain function for Sterlite Power across India and Brazil, including his role as Board advisor for Sterlite Power Brazil. Given his leadership acumen and strong project execution expertise, Amitabh will play a key role to further strengthen the company’s operations in Brazil, together with the strong Brazil leadership team.

Commenting on the appointment, Pratik Agarwal, Managing Director, Sterlite Power, said “We are happy to announce the appointment of Amitabh Prasad as CEO of our Brazil operations. He has been closely associated with our Brazil operations since inception. His familiarity with the market and his strong execution expertise will be of great value as he steers our team ahead guided by our core purpose to contribute towards the Brazilian national grid.”

He further added, “Ricardo has been an integral part of Sterlite Power’s journey in Brazil and has played a significant role in implementing important assets and transactions for the company. We support his decision to step down on personal grounds, and welcome him to his new role as member of the Advisory Board.”

Prior to joining Sterlite Power, Amitabh has held leadership roles in Indian, African and European markets for organizations like Airtel, British Telecom, Ericsson, Tata, DuPont and Xerox. Amitabh holds a Bachelor of Engineering Degree from BIT, Sindri and Masters in Business Administration from FMS, Delhi with Global Advance Management Diploma from Kellogg School of Management, NWU.

Sterlite Power has built a strong presence in the Brazilian power transmission market since its entry in 2017. Currently, with a portfolio of 7 projects in all regions of the country, the company successfully completed its first project, Arcoverde, in 2019, in a record time of 28 months before the regulatory deadline. The company is focused on the execution of its portfolio in the country and remains at an advanced stage for the timely completion of the Vineyards Project, the company’s second in Brazil.

About Sterlite Power

Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,700 circuit kms and 26,100 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE. Sterlite Power has been recognised with The Economic Times Innovation Awards 2020 and is a recipient of prestigious global awards from S&P Global Platts and International Project Management Association (IPMA).

Business World

Sterlite Power completes merger of subsidiary and announces consolidated PAT of INR 942 Cr for FY 2020

Jan 14, 2021 by Neel Achary 0 Comments #Sterlite Power, #Sterlite Power Grid Ventures Ltd.

Hyderabad/New Delhi: Sterlite Power, a leading global power transmission player, has announced the completion of merger of its wholly owned subsidiary Sterlite Power Grid Ventures Ltd. with the parent entity. With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure. Post the merger, Sterlite Power has announced the audited annual results for Financial Year 2020 recording outstanding growth in revenue and profit.

Key Financial Highlights

  • Consolidated Revenue up by 44% y-o-y at INR 5,158 Cr
  • Consolidated EBITDA up by 434% y-o-y at INR 2,406 Cr
  • Consolidated Profit After Tax up by 280% y-o-y at INR 942 Cr
  • ROCE of 28%

Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid and has been awarded vital projects connecting the national grid to clean and green energy. The company has added several Inter-State Transmission System (ISTS) projects to its portfolio in FY20 including the Lakadia-Vadodara Transmission Project Ltd. (LVTPL) which is part of India’s Green Energy Corridor (GEC). The company also commissioned its first project in Brazil (Arcoverde) 28 months ahead of schedule, which was designed to evacuate renewable wind energy. Through its unique asset monetization strategy, the company has realized additional liquidity of INR Rs 2450 Cr from the monetization of three projects in India (NRSS 29, OGPTL and ENICL) and three projects in Brazil (Pampa, Arcoverde and Nova Estado).

Apart from achieving significant milestones in terms of project wins, execution, and asset monetisation, it has been an exceptional year for the company in terms of prestigious global and national recognitions:

Winner of ‘Construction Project of the Year’ at the S&P Global Platts Energy Awards 2019 for NRSS-29 project in Kashmir.

Gold Winner in the mega-sized project category at the IPMA Global Project Excellence Awards 2019 for NRSS-29 project.

Economic Times (ET) Innovation Awards for Skyrob™ – a semi-autonomous robot developed in-house to ensure safe OPGW stringing under live-line conditions.

Featured as case studies by India’s premier management institutes: IIM Ahmedabad and ISB Hyderabad.
Commenting on company’s performance, Mr. Pratik Agarwal, Managing Director, Sterlite Power, said, “We are driven by our core purpose to enable access to reliable power while minimizing the impact on climate change. As the world makes rapid transition towards clean energy, and India targets 450GW of renewable energy by 2030, we will contribute towards this noble cause by creating the required transmission infrastructure so that green energy can reach the most underserved households.”

As humanity adapts to the new normal defined by the pandemic, access to uninterrupted power has become the lifeline for society and economy. With the added urgency to avert the bigger crisis of climate change, Governments across the globe have accelerated the transition from fossil fuel to clean energy. In this new era, Sterlite Power is playing a critical role by enabling access to reliable power with an increasing focus on integrating renewables to the grid.

With its unique asset monetization strategy and strong project execution capabilities, the company has delivered strong financial results. Sterlite Power’s Annual Report 2019-20 can be accessed here.

News

Sterlite Power successfully raises INR 200 Cr from Allianz Global Investors

Jan 11, 2021 by Rekha Nair 0 Comments #Managing Director, #Mr. Pratik Agarwal, #Sterlite Power

Mumbai: Sterlite Power, a leading global power transmission player, announced today that it has raised INR 200 crore in debt financing from Allianz Global Investors (Allianz GI) – one of the world’s leading investment managers with focus on sustainable investments. This transaction is one of the first infrastructure sector financing deals for Allianz GI in India. The INR 200 crore facility from Allianz GI has been raised as a non-convertible debenture with a three-year tenure and is part of the larger refinancing exercise undertaken by Sterlite Power to reduce its holding company borrowings.

Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid. The company enjoys an impressive track record of completing projects on time with the highest standards of quality and safety.

Commenting on the transaction, Mr. Pratik Agarwal, Managing Director, Sterlite Power, said, “This transaction with Allianz GI is a strong validation of the continued trust reposed on us by the banking and investor community, and the rise of power transmission as an asset class with promising returns. We remain focused on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country.”

Sterlite Power has been successful in concluding a significant number of financial deals with leading global and national investors. It has raised project finance from both private as well as public sector financial institutions like HDFC Bank, Power Finance Corporation Limited and REC Ltd., for its transmission projects that are playing a vital role in the evacuation of renewable energy. Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop greenfield power transmission projects in India.

News

AMP Capital establishes energy transmission platform in India with Sterlite Power

Dec 30, 2020 by Rekha Nair 0 Comments #Anuraag Srivastava, #CFO Sterlite Power, #Head of India, #Infrastructure Equity at AMP Capital, #Managing Director, #Pratik Agarwal, #Sharat Goyal, #Sterlite Power

Hyderabad: Global investment manager AMP Capital has established a 50/50 partnership with Sterlite Power Transmission Limited (Sterlite Power) for the development of energy transmission projects in India. This marks the first investment in India for AMP Capital’s global infrastructure equity strategy.

AMP Capital and Sterlite Power will each invest an initial amount of approximately USD 150 million in the development of four transmission projects, and have put in place debt financing, which represents a total capital outlay of around USD 1 billion. These projects have a circuit length of nearly 1800 kilometres of transmission lines across the Western, Southern and North Eastern regions of India. They will provide the critical infrastructure required for evacuating power from multiple renewable energy generation projects and will strengthen the power delivery infrastructure in the country.

The partners may in the future contribute further capital for new inter-state transmission projects which are expected to be tendered by the government of India. Therefore, the partnership has the potential to reach an overall investment size of USD 500 million.

Transmission infrastructure has underpinned the rapid growth seen in the generation capacity of India over the last decade. This growth has been led by renewable energy, where India is rapidly becoming recognised as a global leader, having surpassed its ambitious Paris Agreement targets with 38% of generation capacity currently from clean energy. The Indian power market still has huge potential for expansion, with low relative per capita power consumption in the country. Due to years of underinvestment in transmission capacity there is significant demand for investment, and the Indian government has been actively promoting the participation of the private sector in transmission line development through the continued implementation of supportive regulatory reforms.

Sterlite Power is a leading developer of transmission projects with a robust execution record across India and Brazil. It has won a third (by tariff) of all inter-state private transmission projects awarded in India under competitive bidding since 2011, and has successfully established its unique asset flip business model across both markets. Sterlite Power has completed and sold nine transmission assets to date in India.

Sharat Goyal, Head of India, Infrastructure Equity at AMP Capital said: “AMP Capital and Sterlite Power believe that this is a unique partnership bringing together operational and investment expertise to support the hitherto under-invested construction phase of power infrastructure in India. Our investment will create a pool of valuable transmission assets, with long-term contractual arrangements and a robust payment security framework, which are extremely attractive to yield-seeking investors.

“India is a key target market for AMP Capital and we have dedicated time and resource to finding a compelling investment opportunity suited to our clients. This investment capitalises on the opportunity presented by the Indian infrastructure sector at this time, as well as benefitting from policy initiatives like Infrastructure Investment Trusts (INVITs) which have created transparent, market-driven exit opportunities for investors willing to invest capital in the development of greenfield infrastructure projects in India.”

Commenting on the transaction, Anuraag Srivastava, CFO Sterlite Power said “We are delighted to enter into a partnership with AMP Capital – a leading global infrastructure private equity firm. This investment is another testimony of continued trust reposed on us by the investor community.”

Pratik Agarwal, Managing Director, Sterlite Power said: “We are driven by our core purpose to enable access to reliable power while minimizing the impact on climate change. The world is undergoing a clean-energy revolution and India is leading this effort with its mammoth target of 450GW by the year 2030. Sterlite Power will contribute towards this noble cause by creating the required transmission infrastructure so that green energy can reach the most underserved households. We are happy to have like-minded partners like AMP Capital who believe in our core purpose and in our model of sustainable development.”

AMP Capital was advised by Citigroup (financial), PwC (commercial and tax) and AZB (legal). Sterlite was advised by Moelis & Company and Credit Suisse (financial), Khaitan & Co (legal), and EY (tax).

 

 

Business World

Sterlite Power’s Pioneering Robotics Technology Skyrob™ Wins at The Economic Times Innovation Awards 2020

Nov 26, 2020 by Neel Achary 0 Comments #ET Innovation Awards 2020, #global power transmission, #Sterlite Power

Mumbai: Sterlite Power, a leading global power transmission player, has been awarded the prestigious ET Innovation Awards 2020 for Skyrob™, a pioneering semi-autonomous robotics solution which has been developed inhouse. Sterlite Power was the winner in the Process Innovation category where it competed with Tata Power, Bajaj Allianz General Insurance, Tata Capital and HSBC Software Development (India).

Skyrob™ ensures safe Optical Ground Wire (OPGW) stringing under live-line conditions. The technology was deployed for the first time in India in 2019 for the OPGW stringing of the 400 kV Gurgaon-Bhiwadi line. Skyrob™ assisted operations for OPGW stringing when compared with traditional practices, has the potential to reduce project timelines by ~25% while ensuring safety of workforce.

The Economic Times Innovation Awards 2020 showcases the best innovations that are driving growth in the areas of business, products, technology, social impact etc. and rewards out-of-the-box thinking and innovation. The winners were selected by a high-profile jury across nine categories from more than 1,250 nominations made by about 950 companies.

About Sterlite Power

Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,700 circuit kms and 26,100 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE. Sterlite Power has been recognised amongst The Economic Times Best Brands 2020 and is a recipient of prestigious global awards from S&P Global Platts and International Project Management Association (IPMA). www.sterlitepower.com