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Indian Sterlite Power obtains INR5.8 billion funding for 400 kV project [free access]

June 16, 2021

Indian private transmission network developer, Sterlite Power Transmission Limited (SPTL), has received a debt funding of INR5.8 billion from Rural Electrification Corporation Limited (REC), for Udupi Kasargode Transmission Limited (UKTL)—a special purpose vehicle (SPV) set up for the implementation of the 400 kV Udupi–Kasargode project. This marks the financial closure of the project.

 

The project aims at decongesting the inter-state transmission system (ISTS) corridor and facilitating smoother power flow between Karnataka and Kerala. It entails construction of a 120-km-long, 400 kV transmission line from Udupi in Karnataka to Kasargode in Kerala, along with a 1000 MVA, 400 kV gas-insulated switchgear substation in Kasargode.

 

In September 2019, SPTL, had acquired the SPV from REC Transmission Projects Company Limited (RECTPCL)— a wholly-owned subsidiary of REC. The project, which is scheduled for completion by 2022, will implemented by SPTL on build, own, operate and maintain (BOOM) basis for a period of 35 years.

 

(INR1=USD0.014)