Sterlite Power arm Sterlite Power Brasil has raised 600 million Brazilian real (about Rs 970 crore) through the issuance of debentures. "Sterlite Power Brasil, a subsidiary of the Indian corporation Sterlite Power Transmission Ltd, a company that develops energy transmission projects, announces the issuance of debentures on the total amount of Rs 600 million (BRL)," Sterlite Power said in a statement.
Banco Modal and Banco Itau BBA coordinated the transaction, which reinstates Sterlite's long-term commitment to Brazil and reinforces the company's position in the energy sector, according to the statement. The first issuance of Sterlite's infrastructure debentures in the Brazilian capital market was in 2019.
"We are very pleased to have Itau BBA and Modal by our side, which bring even more credibility to our projects, always delivered with quality and before the deadline stipulated by Aneel," recalled Amitabh Prasad, CEO of Sterlite Power Brasil in the statement.
"Brazil is a key market for Sterlite Power outside India and holds immense growth potential. We are proud to support Brazil's transition to a cleaner, sustainable and modern energy system. The Brazilian market has a strategic role to play in global energy transition, and Sterlite Power has long-term plans for our operations in the country," said Pratik Agarwal, Managing Director of Sterlite Power in the statement.
The funds will be utilised for Goyaz, Borborema and Solaris projects that play a key role in the transmission of renewable energy from solar and wind farms in the region, helping to improve the Brazilian energy matrix. The lots were acquired by Sterlite Power in 2018, shortly after the company arrived in the country.
Together, the three projects add up to 548.47 km of transmission lines and will benefit 29 million people. Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 27 projects covering approximately 13,950 circuit km of transmission lines across India and Brazil.
First Published: Apr 4, 2022 7:19 PM IST
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