- Aseem Infrastructure Finance Limited (AIFL), an NBFC – IFC (Infrastructure Finance Company), is established with the aim of playing a transformative role in the growth of Indian infrastructure debt financing
- This milestone ensures financial closure for the Kishtwar project, securing its smooth execution and operations
New Delhi, 11 January 2023: Sterlite Power, a leading power transmission developer, and solutions provider in India and Brazil, has achieved financial closure for its Kishtwar Transmission Limited (KTL) project located in J&K. It has successfully secured the entire debt funding of INR 305 crores from Aseem Infrastructure Finance Ltd. – an NBFC–IFC (Infrastructure Finance Company), promoted by the Strategic Opportunity Fund (SOF) of National Investment and Infrastructure Fund (NIIF), with anchor investments from Government of India and Japan’s Sumitomo Mitsui Banking Corporation (SMBC).
Sterlite Power acquired the KTL SPV in December 2022 to execute the inter-state transmission system project. The project involves the construction of a transmission system comprising a 400/132kV GIS substation at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti. The transmission system will aid the evacuation of 1000MW of power from the Pakaldul Hydro Electric Project to the Kishtwar substation.
Apart from bringing additional power flow, it will also help in decongesting the downstream networks in the region, improving the quality and reliability of power flow in Kashmir valley.
Commenting on the financial milestone, Mr. Akshay Hiranandani, Executive Director- of Corporate Finance, at 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.”
Mr. Virender Pankaj, CEO, of Aseem Infrastructure Finance Ltd., said: “Aseem Infra is glad to have supported Sterlite Power by providing long-term debt financing for the Kishtwar project which would contribute immensely to the infrastructure growth story of J&K. The debt solution was structured in a manner so as to balance the unique requirements of all the stakeholders involved while delivering a swift TAT. In line with its vision to help create a futuristic India through transformative infrastructure financing, Aseem has been making rapid strides as reflected in its high-quality asset book crossing the INR 10,000 crores mark in 25 months of operations.”
Sterlite Power has a strong track record of executing complex projects successfully and has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Despite the weak market conditions owing to the pandemic, the company has been successful in forging relationships with India’s leading financial institutions – a testimony of the continued trust reposed on the company by the banking and investor community.
About Sterlite Power:
Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 30 completed & flipped and under-construction projects covering approximately 14,602 circuit km of transmission lines across India and Brazil. The Company has a portfolio of high-performance power conductors, extra-high voltage (EHV) cables, and optical ground wires (OPGW). The Company provides bespoke solutions for the upgrade, update, and fiberization of existing transmission infrastructure projects. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It was the sponsor of IndiGrid, India’s first power sector InvIT, listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The Company was also recognized at The Economic Times Innovation Awards 2020 and is a recipient of awards from the International Project Management Association (IPMA).
For more details, please visit https://www.sterlitepower.com/
Media Contact: Sterlite Power: firstname.lastname@example.org