Sterlite Power 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 Rs 580 crore 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 1,000 MVA 400/220 kV Gas Insulated Substation (GIS), one of the first GIS substations to be built at Kasargode in Kerala. The project involves the 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 the supply and installation of two 400kV line bays and a bus bar extension at the Udupi switchyard.
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 sectors financial institutions like IndusInd Bank and PFC Ltd., for its transmission projects. In March 2021, Sterlite Power completed its transmission project NER-II and subsequently sold it to IndiGrid.