Sterlite Power on Wednesday said it has secured Rs 2,024 crore funding from IndusInd Bank and L&T Infrastructure Finance to execute Lakadia Vadodara transmission project.
Sterlite Power has achieved financial closure for its Lakadia Vadodara Transmission Project Ltd (LVTPL), it said in a statement.
According to the statement, this project is part of India's Green Energy Corridor (GEC) and will enable the country's renewable energy target of achieving 175 GW by 2022.
The project has secured funds worth Rs 2,024 crore from IndusInd Bank and L&T Infrastructure Finance.
Commenting on the development, Anuraag Srivastava, Group CFO, Sterlite Power said in the statement, "This project is aligned to our country's renewable energy target of 175 GW RE by 2022".
Sterlite Power had won this project (WRSS 21 Part B) through tariff-based competitive bidding (TBCB) process that connects wind energy zones of Bhuj in Gujarat to the load centres in Gujarat and Maharashtra.
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It involves laying of 330 kms of 765 kV double-circuit transmission line to connect 765/400 kV Lakadia substation to Vadodara substation in Gujarat, in a timeframe of 18 months.
Sterlite Power is renowned for adopting global best practices and innovations for execution of its various projects with a track record of delivering on or ahead of schedule.
It is a global developer of power transmission infrastructure with projects of over 13,315 circuit kms and 23,885 MVA in India and Brazil.
The company is also the sponsor of IndiGrid, India's first power sector Infrastructure Investment Trust (InvIT), listed on the the BSE and NSE.
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