Sterlite Power reports financial closure of Arcoverde transmission project

Energy industry news : Indian power transmission company Sterlite Power has secured financing for its 139km long Arcoverde transmission project in Brazil.

Arcoverde transmission project

Sterlite Power revealed that the financial closure for the Brazilian transmission project to be executed in Pernambuco state was achieved in November 2018.

BTG Pactual and Santander are the lead financiers for the transmission project. Construction activities for the Arcoverde project are being carried out with a view to achieve commissioning ahead of schedule, said Sterlite Power.

The Arcoverde transmission project was bagged by the Indian power transmission company during the auction held by Brazilian energy regulator ANEEL in April 2017 and the concession was inked in August 2017.

Sterlite Power achieves financial closure of Arcoverde transmission project. Photo courtesy of Sterlite Power.

Under this new transmission project in Pernambuco, Sterlite Power will be constructing a greenfield and two brownfield substations along with the 139km long transmission line. The Indian power transmission company revealed that the Brazilian transmission project is in advanced stages of completion having secured the required clearances and land acquisition.

Commenting on the Arcoverde transmission project, Anuraag Srivatava – Group CFO, Sterlite Power, said: “It is a matter of immense pride that we have managed to achieve financial closure for this project in a short period of time. This will allow us to focus on completing the project ahead of schedule, in accordance with our track record. The partnership with bankers has been extremely smooth and we thank them for extending a warm welcome to us.”

The Arcoverde transmission project has been estimated to create over 400 direct and indirect jobs. The Brazilian transmission project comprises 89km long TL 230 kV Garanhuns II – Arcoverde II line, 50km long TL 230 kV Caetés II – Arcoverde II line, SE 230/69 kV Arcoverde II – 2 x 100 MVA and SE 230/69 kV Garanhuns II – new courtyard 69 kV – 2 x 100 MVA.

For more updates on Sterlite Power and the Arcoverde transmission project, and all other energy industry news, keep following Business-News-Today.com.