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Sterlite power successfully refinances Lakadia-Vadodara transmission project

February 14, 2024 12:56 pm

Sterlite power successfully refinances Lakadia-Vadodara transmission project

The LVTPL project connects the 765/400 kV substation at Lakadia to Vadodara through a 335 km long, 765 kV double-circuit transmission line.

Sterlite Power, a leading developer in power transmission and a global provider of products and services, has announced the successful refinancing of the Lakadia-Vadodara Transmission project loan within just 12 months of the project reaching full operational status in January 2023. The new financing, provided by HDFC Bank, IIFCL, and Bank of Baroda, will allow for the prepayment of the existing project loan, totaling approximately INR 1840 crores.

This new refinancing arrangement secures a reduced interest rate of approximately 8.25 percent per annum, representing a significant improvement over the previous terms. The overall tenure of the facility extends to approximately 18 years. Being the first private sector inter-state power transmission asset to secure such favorable refinancing terms, this achievement underscores the keen interest of financial institutions in supporting power transmission projects that offer stable, long-term cash flows.

Commenting on the significant milestone, Pratik Agarwal, Managing Director, Sterlite Power said, “Refinancing our commissioned projects are in line with our efforts toward strategic reallocation of resources. Securing a better interest rate for the commissioned project further adds to our bottom line while delivering value to all stakeholders.”

The LVTPL project connects the 765/400 kV substation at Lakadia to Vadodara through a 335 km long, 765 kV double-circuit transmission line. With 812 towers spanning seven districts in Gujarat, this power transmission corridor is also one of the largest transmission assets built in India to date.

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