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Home » News » Sterlite Power and GIC forge JV to drive India’s renewable energy transmission growth

Sterlite Power and GIC forge JV to drive India’s renewable energy transmission growth

March 27, 2024 5:40 pm

Sterlite Power and GIC forge JV to drive India’s renewable energy transmission growth
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Partnership aims to lead in the transmission sector, backed by global confidence and strategic advisory support.

Sterlite Power, a prominent private power transmission developer in India, and an affiliate of GIC, have announced the signing of definitive agreements to establish a new platform for developing and operating power transmission projects in India. Sterlite Power will hold the majority stake of 51 percent, with GIC holding the remaining 49 percent stake.

Commenting on the JV,  Pratik Agarwal, Managing Director, Sterlite Power, said “India’s  renewable vision calls for investments in transmission to unlock the full potential of 500 GW of  renewable power. This joint venture signals global confidence in India’s growth vision. With GIC as our partner, we are poised to play a leading role in India’s transmission sector, starting with the USD 13 billion bid pipeline. We stay committed to building world class assets and empowering humanity by addressing the toughest challenges of clean energy delivery.”

Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, “We are pleased to partner with Sterlite Power, a leading transmission infrastructure developer and operator, to support India’s energy transition ambitions. We believe transmission infrastructure will play a crucial role in facilitating the growth of renewable energy supply to sustainably meet the increasing power demand in the country. India is a key long-term market for GIC given its strong economic fundamentals and favourable demographics, which are spurring opportunities in many sectors including infrastructure development.”

Sterlite Power was advised by Deutsche Bank, AZB Partners, and Khaitan & Co. GIC was advised by Avener Capital, Shardul Amarchand Mangaldas & Co., and PWC

The establishment of the joint venture between Sterlite Power and GIC signifies a strong commitment to India’s renewable energy goals. With Sterlite Power holding the majority stake and GIC providing strategic partnership, the venture aims to play a leading role in India’s transmission sector. Supported by reputable advisory teams, the collaboration is poised to address challenges in clean energy delivery and facilitate the country’s energy transition.

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