The J&K-based Kishtwar Transmission Limited (KTL) project has reached financial close, according to Sterlite Power, a top developer, and provider of power transmission systems in Brazil and India.
Aseem Infrastructure Finance Ltd., an NBFC-IFC (Infrastructure Finance Company) promoted by the Strategic Opportunity Fund (SOF) of the National Investment and Infrastructure Fund (NIIF), with anchor investments from the Government of India and Japan’s Sumitomo Mitsui Banking Corporation (SMBC), has successfully secured the entire debt funding of INR 305 crores, the company announced in a release.
In order to carry out the interstate transmission system project, Sterlite Power bought the KTL SPV in December 2022.
A 400/132kV GIS substation at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti are being built as part of the project. A total of 1000MW of power from the Pakaldul Hydroelectric Project will be transported via the transmission line to the Kishtwar substation.
Along with increasing the amount of electricity flowing through the area, it will also aid in decongesting the downstream networks, which would enhance the Kashmir valley’s access to higher-quality, more dependable power.
Commenting on the financial milestone, Mr. Akshay Hiranandani, Executive Director- Corporate Finance, Sterlite Power said, “We are pleased to conclude this deal with Aseem Infrastructure Finance Limited in record time. We are proud to play a role in providing reliable power and building a secure energy future for J&K.
This will be our second project in the region after delivering the mega NRSS Kashmir project ahead of schedule”.
According to Mr. Virender Pankaj, CEO of Aseem Infrastructure Finance Ltd., the company has been progressing quickly toward its goal of assisting in the development of a futuristic India through transformative infrastructure financing. In just 25 months of operation, its high-quality asset book has reached the milestone of INR 10,000 crores.
Sterlite Power has been successful in establishing ties with India’s top financial institutions despite the pandemic’s adverse effects on the market, which is evidence of the sustained confidence that the banking and investment community have in the firm.
