Sterlite Power has raised Rs.200 crore in debt financing from Allianz Global Investors, the global power transmission player said in a release.
This transaction is one of the first infrastructure sector financing deals for Allianz GI — one of the world’s leading investment managers with focus on sustainable investments — in India.
This Rs.200-crore facility from Allianz GI has been raised as a non-convertible debenture with a three-year tenure and is part of the larger refinancing exercise undertaken by Sterlite Powerto reduce its holding company borrowings.
Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid. The company enjoys an impressive track record of completing projects on time with the highest standards of quality and safety, the release noted.
Commenting on the transaction, Pratik Agarwal, Managing Director, Sterlite Power, said, “This transaction with Allianz GI is a strong validation of the continued trust reposed on us by the banking and investor community, and the rise of power transmission as an asset class with promising returns. We remain focused on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country.”
Sterlite Power, it may be mentioned, is the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE.
Sterlite Power has been successful in concluding a significant number of financial deals with leading global and national investors. It has raised project finance from both private as well as public sector financial institutions like HDFC Bank, Power Finance Corporation and REC, for its transmission projects that are playing a vital role in the evacuation of renewable energy.
Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop Greenfield power transmission projects in India. (Read more)
Featured photograph showing Sterlite Power “SkyRob” technology is for illustration only
