Sterlite Power Announces Financial Closure of Arcoverde Project

SAO PAULO, December 24, 2018 /PRNewswire/ --

• BTG, Santander to be the lead bank for the project  
• Construction activities are being executed with a view to achieve ahead of schedule commissioning

Sterlite Power, a global power transmission company announced the financial closure of their Arcoverde project in Brazil. This closure was successfully achieved in the month of November, 2018. Arcoverde project was won by Sterlite Power during the auction conducted by ANEEL in April, 2017 and the concession was signed in Aug 2017. This project includes building 139 km transmission line, constructing one greenfield and two brownfield substations. With the project clearances in place and land acquisition completed, the project is in advanced stages of completion.

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."

About Sterlite Power 

Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 12,500 circuit kms and 20,500 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 also the sponsor of IndiGrid, India's first power sector Infrastructure Investment Trust ("InvIT"), listed on the BSE and NSE.

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SOURCE Sterlite Power Grid Ventures Limited