Sterlite Power secures ₹1,373 cr from PFC for Neemrana-II Kotputli Transmission Project

The 35-year Build, Own, Operate, and Transfer (BOOT) project involves a 6,000 MVA substation and 400 kV transmission line network.  

Sterlite Power, a leading power transmission company, has successfully achieved financial closure for its Neemrana II Kotputli Transmission Ltd (NKTL) project. The project has secured funds totaling ₹1,373 crore from Power Finance Corporation (PFC), a Maharatna public sector enterprise.

Commenting on this milestone, Raji George, Director-Corporate Finance, Sterlite Power, said, “We are pleased to conclude the financial deal for one of our largest GEC projects with one of India’s largest and most reputed financial institutions in the power sector — PFC. This deal is a show of trust by PFC in our capability to deliver some of the most challenging and impactful transmission projects in the country.”

Sterlite Power acquired Neemrana-II Kotputli Transmission Ltd SPV in November 2023 to execute the green energy corridor on a Build, Own, Operate, and Transfer (BOOT) basis for 35 years. The project encompasses the development of two critical components: a state-of-the-art 6,000 MVA, 765/400 kV substation at Neemrana, and a 400 kV transmission line network spanning approximately 250 km. This network will establish vital interconnections, linking the Neemrana substation to the existing Kotputli substation while also facilitating a LILO (Line-In, Line-Out) that will seamlessly integrate Neemrana- II substation with Gurgaon and Sohna substations through the existing Gurgaon-Sohna line.

Sterlite Power has a strong track record of achieving financial closure for many of its projects within months of the SPV acquisition. Earlier in February 2024, the company achieved the closure of funding for Beawar Transmission Ltd from REC Power Development and Consultancy Ltd, a wholly-owned subsidiary of REC. This is a testimony to the continued trust reposed in the company by the banking and investor communities.