Sterlite Power refinances LVTPL Green Energy Corridor Project in Gujarat

The project was made fully operational in January 2023, a statement said.

PTI

February 14, 2024 / 18:03 IST

As the first private sector inter-state power transmission asset to secure such favourable refinancing terms, this accomplishment reflects the keen interest of financial institutions in supporting power transmission projects that offer stable, long-term cash flows, Sterlite Power stated. (Representative Image)

Sterlite Power on Wednesday said it has concluded the refinancing of its Lakadia-Vadodara Transmission project loan with prepayment of Rs 1,840 crore. The project was made fully operational in January 2023, a statement said.

The new financing from HDFC Bank, IIFCL, and Bank of Baroda will enable prepayment of the existing project loan of about Rs 1,840 crore. "Sterlite Power, a leading power transmission developer and global products and services provider, announced the successful refinancing of the Lakadia-Vadodara Transmission project loan within 12 months of the project becoming fully operational in January 2023," it said.

The new refinancing secures a reduced interest rate of 8.25 per annum, a significant improvement over the previous terms. The overall tenure of the facility is 18 years.

"Refinancing our commissioned projects are in line with our efforts towards strategic reallocation of resources. Securing a better interest rate for the commissioned project further adds to our bottomline while delivering value to all stakeholders," Sterlite Power Managing Director Pratik Agarwal said in the statement.