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Sterlite Power wins the coveted S&P Global Platts Global Energy Awards 2019 – The Oscars of the Energy Industry

Sterlite Power, a leading global player in power transmission, has been awarded Construction Project of the Year at the prestigious S&P Global Platts Global Energy Awards 2019 for its Northern Region Strengthening Scheme (NRSS-29) project in Jammu & Kashmir (J&K). The program bestowed 23 awards upon companies and individuals before an audience of over 500 energy and finance executives at an award ceremony held on 12th December in New York.

Finalists hailed from a record of 37 countries.  Sterlite Power was selected as finalists in 3 award categories – Rising Star Company, Financial Investment of the Year and the Construction Project of the Year.

“We congratulate NRSS-29 project for its win of Construction Project of the Year,” said Martin Fraenkel, President of S&P Global Platts. “The independent panel of judges was impressed with Sterlite Power for its stand-out performance in this awards category and for its commitment to the energy industry’s advancement.”

The NRSS-29 project in Jammu & Kashmir is one of the largest and toughest private sector Sterlite Power Transmission projects commissioned in the country till date which plays an important role in bringing reliable power to over 12.5 million people in the region. This 414 Km long transmission corridor of national importance ensures reliable power access and augments Jammu & Kashmir’s power transmission capacity by at least 33% and was constructed by overcoming extreme challenges of terrain and weather. Sterlite Power delivered this critical project ahead of schedule with innovative use of technology, synergistic partnerships and deeper engagement with local communities.

While receiving the award at the gala ceremony, Mr. Pratik Agarwal, Managing Director, Sterlite Power “We are honored to be recognised as a winner at the prestigious S&P Global Platts Global Energy Awards for our NRSS-29 power transmission project, which solves the toughest challenges of energy delivery and lights up 12.5 million lives. It is commendable to see the determination of our employees, partners and local communities who worked together to overcome the toughest conditions and build this transmission corridor ahead of schedule. We dedicate this award to their spirit and contributions.”

Established in 1999 and often described as “the Oscars of the energy industry,” the S&P Global Platts Global Energy Awards highlights corporate and individual innovation, leadership, superior performance and project management excellence.  

For the full list of 2019 Global Energy Awards winners, including the judges’ rationale, visit the Global Energy Awards website. A full summary of the winners is available via the Insight Magazine, which includes sector-by-sector energy outlook analysis reports. For more information about Sterlite Power Grid visit on this site sterlitepower.com

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Sterlite Power secures INR 580 crore funding from REC for Udupi Kasargode Transmission Project

Sterlite Power, a global developer of power transmission infrastructure, announced the successful financial closure of the project set up by Udupi-Kasargode Transmission Project Ltd (UKTL). It has secured the entire debt funding of INR 580 crores from one of India’s largest power sector lenders, REC Limited  (REC.).

The project set up by UKTL is an Inter-State Transmission System project spanning across the southern states of Karnataka and Kerala. It is made up of two critical elements including a 1000MVA 400/220 kV Gas Insulated Substation (GIS), one of the first GIS substations to be built at Kasargode in Kerala. In accordance with the Letter of Award received from RECTPCL (REC Transmission Projects Company Ltd.), the project involves construction of a 400kV (Quad) D/c  transmission line, extending over ~240 ckm, from Udupi in Karnataka to Kasaragode in Kerala. The project scope also includes supply and installation of two 400kV line bays and bus bar extension at Udupi switchyard.

Commenting on the development, Anuraag Srivastava, Group CFO, Sterlite Power said, “Sterlite Power Transmission has been successful in concluding a number of financial deals with global and national investors in the past. We are pleased to secure funding from REC – one of India’s largest financial institutions in the power sector, for this project.”

Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop greenfield power transmission projects in India which includes the UKTL project as well. It has also raised project finance from both private as well as public sector financial institutions like IndusInd Bank and PFC Ltd., for its transmission projects. In March 2021, Sterlite Power successfully completed its transmission project NER-II and subsequently sold it to IndiGrid.

For more information about Power Transmission in India visit on this site sterlitepower.com

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Sterlite Power elevates Manish Agarwal as CEO of Infrastructure & Solutions Business

Sterlite Power, a leading global developer of power transmission, today announced the elevation of Manish Agarwal as CEO of the Infrastructure business, in addition to his existing role as CEO for the Solutions Business.

Manish has been associated with the Sterlite Group for 22 years and has held various leadership positions across the organization.  Prior to his role elevation, he was CEO of the Solutions Business which focuses on brownfield transmission comprising of Master Systems Integration (MSI) and manufacturing of underground power cables and overhead products including High Performance Conductor & OPGW.

In the elevated role, Manish will be responsible for both greenfield and brownfield Sterlite Power Transmission Limited business of the company in India.

Commenting on the appointment, Pratik Agarwal, Managing Director, Sterlite Power, said “Manish is a seasoned leader with rich experience in the power& telecom sectors.  His strong leadership credentials give us tremendous confidence in his ability to lead this business in alignment with our organization’s core-purpose and values”, he said.

Manish holds positions of pre-eminence with various Chambers, Associations, Technical bodies, & Councils and has been a leading voice on industry matters, shaping policy priorities on trade and sustainability.  He is a Harvard alumnus and has also pursued Executive Leadership Programs from IIM-A and ISB, Hyderabad.

For more information about Electric Power Transmission visit on this site sterlitepower.com

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Sterlite Power appoints Amitabh Prasad as Brazil CEO effective 1st February 2021

Sterlite Power, a leading global developer of power transmission, today announced the appointment of Amitabh Prasad as CEO, Sterlite Power Brazil. After two years of association with the company in various leadership positions, Ricardo Cleber Zangirolami has decided to step down from the CEO position due to personal reasons. He will continue to support the company in his capacity as member of the Advisory Board with focus on M&A, Regulatory and Legal. These changes are effective February 1st, 2021 subject to necessary approvals.

Amitabh is a seasoned industry professional with over 25 years of experience in leadership positions across power and infrastructure sectors. Over the last three years, Amitabh has successfully led the Global Supply Chain function for Sterlite Power across India and Brazil, including his role as Board advisor for Sterlite Power Brazil. Given his leadership acumen and strong project execution expertise, Amitabh will play a key role to further strengthen the company’s operations in Brazil, together with the strong Brazil leadership team.

Commenting on the appointment, Pratik Agarwal, Managing Director, Sterlite Power Grid, said “We are happy to announce the appointment of Amitabh Prasad as CEO of our Brazil operations. He has been closely associated with our Brazil operations since inception. His familiarity with the market and his strong execution expertise will be of great value as he steers our team ahead guided by our core purpose to contribute towards the Brazilian national grid.”

He further added, “Ricardo has been an integral part of Sterlite Power’s journey in Brazil and has played a significant role in implementing important assets and transactions for the company. We support his decision to step down on personal grounds, and welcome him to his new role as member of the Advisory Board.”

Prior to joining Sterlite Power, Amitabh has held leadership roles in Indian, African and European markets for organizations like Airtel, British Telecom, Ericsson, Tata, DuPont and Xerox. Amitabh holds a Bachelor of Engineering Degree from BIT, Sindri and Masters in Business Administration from FMS, Delhi with Global Advance Management Diploma from Kellogg School of Management, NWU.

Sterlite Power has built a strong presence in the Brazilian Sterlite Power Transmission market since its entry in 2017. Currently with a portfolio of 7 projects in all regions of the country, the company successfully completed its first project, Arcoverde, in 2019, in a record time of 28 months before the regulatory deadline. The company is focused on the execution of its portfolio in the country and remains at an advanced stage for the timely completion of the Vineyards Project, the company’s second in Brazil.

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Sterlite Power and Vinci Partners announce a strategic partnership in the power transmission sector for the purchase of Vineyards Project

Sterlite Power, a leading developer of power transmission infrastructure in India and Brazil, and Vinci Energia (VIGT11), through Vinci InfraestruturaGestora de Recursos LTDA, announced the formalization of the commitment of first acquisition of issuance of debentures convertible into shares for the Vineyards Project that is in the final phase of implementation.

The transaction under this relevant fact foresees R$ 149 million in debentures aimed at developing projects in Sterlite Power’s portfolio. The investment amount can be converted into shares with an 80% purchase option when the Project is complete in this year. The remaining 20% can be purchased within 190 days.

With an initial investment of R$ 395 million, the Vineyards Project includes the construction of 112 km of transmission lines, implementation of two new 496 MVA substations, and the expansion of four substations in the regions of Garibaldi, Bento Gonçalves, Lajeado, and Bagé. A previous debenture issue was held in 2019 when R$250 million was raised. The contract also gives way for the parties to negotiate for more projects in Sterlite Power Transmission portfolio.

“This partnership is an important recognition for our operations in Brazil since last four years and our long-term plan in the country. We understand that Vinci has identified the quality of our assets for the composition of its infrastructure investment fund, and we are happy to continue together on this journey,” says Marco Tanure, CFO of Sterlite Power Brazil.

This is the second transaction between the two companies. The Arcoverde Project, completed in 2019, with 129 km in transmission lines, three substations (a new one) in the Region of Pernambuco, was acquired by the fund in 2020. 

“The partnership involving Vineyards represents an important acquisition for Vinci Energia FIP-IE (VIGT11), which focuses on the electricity sector. This will be the seventh asset acquired by the fund and, currently, will represent a relevant portion of the fund’s portfolio. Vineyards reinforces the investment strategy of VIGT11 in high quality assets and high predictability of cash generation “, says José Guilherme Cruz Souza, partner and head of Infrastructure at Vinci Partners.” For more information about Electric Power Transmission visit on this site sterlitepower.com

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Sterlite Power offloads 14.7% stake in IndiGrid for Rs 840 crore

NEW DELHI: Sterlite Power on Friday said it has sold 14.7 per cent stake held in India Grid Trust (IndiGrid) for Rs 840 crore to institutional and high net worth individual (HNI) investors.

IndiGrid is India’s first infrastructure 

investment trust

 NSE 0.28 % in the power sector.
Sterlite Power has sold 14.7 per cent stake in IndiGrid with the transaction valued at Rs 840 crore at a unit price of Rs 98. The sale of its stake has been made to institutional and HNI investors, the company said in a statement.
“Sterlite Power is proud to have played a role in creating India’s first power sector InvIT which has grown over the years with participation from marquee investors.”

“We will now focus on our core business as the developer of power transmission assets. We remain committed to executing asset transfers of about Rs 6,500 crore as per the framework agreement with IndiGrid,” Sterlite Power Managing Director Pratik Agarwal said.

Invit will remain a powerful platform to meet the large-scale financing requirements of the infrastructure sector. The global financial markets will remain in yield-seeking mode for a considerable period, and this will provide enough capital supply to well-managed REITs and InvITs, he added.

“Sterlite Power is the sponsor of IndiGrid, and continues to remain a shareholder of Sterlite Investment Managers (SIML), the investment manager of IndiGrid,” the company said in a statement.

Sterlite Power is a developer of power transmission infrastructure with projects of over 13,700 circuit kms (ckms) and 24,800 MVA (Mega Volt Amp) in India and Brazil. For more information about electric power transmission visit on this site indigrid.co.in

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IndiGrid NCD issue opens; chance to lock in 8.2% yield on ‘safest’ paper

NEW DELHI: The public issue of non-convertible debt (NCD) securities by IndiGrid, an infrastructure investment trust that owns a number of assets in the power sector, opened for subscription on Wednesday. The NCD promises up to 8.2 per cent interest per annum, a considerably high yield on a paper with highest rating in a low interest rate environment. This issue has been rated ‘AAA/Stable’ by Crisil and ‘AAA/Stable’ by India Ratings.

The securities will be allocated on a first come-first served basis. QIBs and NIIs will be allocated 10 per cent each of the total issue size and HNIs and retail investors will be allocated 40 per cent each.

“There is an opportunity to lock in deposits at high rates and even earn a capital appreciation in the seven-year and 10-year options, as and when interest rates go down,” said Anup Bhaiya, MD, Money Honey Financial Services.

Some analysts say one can allocate 10 per cent of the debt portfolio in this NCD. To subscribe to the issue, the process is similar to that of IPO. The issue will close on May 5. The base size is Rs 100 crore with the greenshoe option of Rs 900 crore. In total, IndiGrid plans to issue 10,000,000 NCDs of face value of Rs 1,000 each. The coupon rate or yield on the issue for HNIs and retail investors will be 6.75 per cent for 3 years tenure, 7.6 per cent for 5 years, 7.9 per cent for 7 years and 8. 2 per cent for 10 years. “The above NCDs would be listed on the stock exchanges and, hence, depending on the demand the price per NCD may fluctuate in the secondary market. However, if you hold these NCDs till maturity, the redemption value would be Rs 1,000 per NCD for Series I,II,III,IV, V, VI irrespective of the price fluctuation in the secondary market,” said ICICI Securities.
IndiGrid is India’s first listed power sector infrastructure investment trust (InvIT), sponsored by KKR and Sterlite Power. IndiGrid was established on October 21, 2016.

IndiGrid was established to own and electric power transmission and renewable energy assets in India. It own 13 operating projects, consisting of 38 EHV overhead power transmission lines, comprising seven 765 kV transmission lines, twenty-nine 400 kV transmission lines and two132 kV transmission lines, with a total circuit length of approximately 7,570 ckms and eleven substations with approximately 13,550 MVA of transformation capacity.

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Sterlite Power forays into grid connected battery storage

Sterlite Power has submitted bids for two storage projects in the recently concluded auction of Salt River Project utility. This marks the first foray of Sterlite Power into grid connected battery energy storage systems (BESS). Grid connected BESS are rapidly achieving commercially viability for utilities around the world as total system costs have dropped approximately 60% over the last 5 years.  As grids integrate a greater share of renewables in their footprints, BESS solutions are needed for a seamless and reliable transition. These systems provide critical services like peak load shaving, energy and ancillary services that will be increasingly needed in a renewable-heavy grid.

Pratik Agarwal, Group CEO, Sterlite Power, said, “Battery Energy Storage Systems are critical to realize the renewable revolution, underway across the world, in a reliable manner. With their costs falling rapidly, we believe that these systems would form an integral part of grid planning and buildouts going forward. Our foray into Sterlite Power Grid connected battery storage will allow us to stay ahead of this technology’s adoption and continue to empower humanity by providing reliable access to power.”

BESS are one of the easiest systems to operate, which increases it’s attraction for grid operators. In addition to operational flexibility, the net negative emissions of these system is a huge factor, aiding its adoption. Given the experience Sterlite Power has in commissioning and operating transmission grids, the company understands that BESS solutions are inevitable for grids across the world. For more information about Power Transmission in India visit on this site sterlitepower.com

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Sterlite Power acquires the Green Energy Transmission Corridor Project

Sterlite Power, a leading global player in power transmission announces the acquisition of its inter-state GEC transmission project, Lakadia Vadodara Transmission Project Limited (LVTPL), from PFC Consulting Limited. The company had won this project (WRSS 21 – Part B) through tariff-based competitive bidding process and would execute it under the Build, Own, Operate and Maintain (BOOM) model for 35 years in the state of Gujarat.

The project is aligned to enable the country’s renewable energy target of installing 175 GW RE by 2022 and connects the wind energy zones of Bhuj in Gujarat to the load centres in the States of Gujarat and Maharashtra. The project involves laying 350 kms of 765 kV double-circuit Sterlite Power transmission line connecting 765/400 kV Lakadia substation to Vadodara substation in Gujarat, in an aggressive timeframe of 18 months.

Commenting on the project acquisition, Pratik Agarwal, Managing Director, Sterlite Power said, “This is another resounding success for Sterlite Power. We are proud to be part of this energy-transition journey of the country and are fully geared to contribute to it with this and more such projects.”

With the acquisition of this project, the company has increased its domestic footprint in inter-state transmission projects to 22 states with a cumulative transmission line network of more than 9000 ckms and 16,000 MVA transformation capacity. This marks the 14th addition to our domestic project portfolio. The company has a strong presence in Brazil with a portfolio of 10 transmission projects.

For more information about Electric Power Transmission visit on this site sterlitepower.com

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Sterlite Power Commissions Gurgaon Palwal Transmission Project Worth INR 1027 Cr

Sterlite Power, a leading global power transmission player, today announced the commissioning of Gurgaon Palwal Transmission Project (GPTL) worth INR 1027 Cr, that will enhance the power capacity of Gurugram and Palwal areas in the state of Haryana by ~2000 MW.

Envisaged as part of the Inter State Transmission System project, the Gurgaon Palwal Transmission Project (GPTL) will meet the peak energy requirements of Haryana, which is expected to reach more than 12000 MW in FY 20-21 from 9000 MW in 2014-15. The project will evacuate ~2000 MW to HVPNL (Haryana Vidyut Prasaran Nigam Ltd.) ensuring access to reliable power for more than 3 million households in the state.

With more than 10,000 high capacity diesel generation(DG) sets installed in Gurugram, the project will play a pivotal role in minimizing their usage and subsequent reduction in pollution levels brought on by combustion of diesel.

Commenting on this significant milestone, Pratik Agarwal, Managing Director, Sterlite Power, said, “We are proud to have completed the GPTL project which will help bring 24×7 power to Gurugram area. This project will not only benefit the people of Haryana by providing reliable power supply but will also bring cleaner air to NCR by reducing the use of diesel fired generator sets.” 

The project consists of, four 400 kV double circuit Sterlite Power Transmission lines with total length of 143 kms, 3 Gas Insulated Substations (GIS) at Prithla, Kadarpur and Sohna Road, 2 bay extensions at Dhanonda and a LILO connecting the 400 kVDC Gurgaon-Manesar transmission line. The company had won this project through tariff-based competitive bidding process and executed it under the Build, Own, Operate and Maintain (BOOM) model.

The project implemented one-of-its-kind innovation with India’s first vertical GIS substations being built at Prithla, Kadarpur and Sohna. These 400/220  kV GIS substations are multi-storied substations with a rooftop 220 kV open switchyard. A conventional GIS substation of similar capacity generally requires 12 acres of land, but this innovative solution is built only on 3.8 acres resulting in 75% reduction in land size. Apart from the vertical substations, Multi Circuit Monopole towers have been built to optimize the space challenges related to the project. Apart from saving land, all these innovations have resulted in offsetting more than 18,000 tons of CO2 emissions each year as compared to a conventional layout for a similar GIS substation. For more information about Electric Power Transmission visit on sterlitepower.com