Sterlite Power achieves financial closure for Rs 1000 crore power project

Sterlite Power Transmission Ltd (SPTL) has achieved financial closure for its Rs 1000-crore power project in Haryana. 

Yes Bank will provide Rs 800 crore for the 2000-2000  MW power project, the bank said in a statement. 

Rana Kapoor, Managing Director & CEO of Yes Bank said, "We are pleased to partner with Sterlite Power to set up Rs 1000 crore inter-state power transmission asset in Haryana under the Point of Connection mechanism. Vide this project, which caters to a large section of north India's population, we are enabling a significant step towards 24X7 power for achieving Energy Security in our country India."

While Pravin Agarwal, Chairman of Sterlite Power said, "We are extremely happy to partner with Yes Bank on this highly critical project and a further delighted with the confidence expressed by Yes Bank in our project and abilities to executer the same."

The transmission project is expected to increase power supply by 2000-3000 mega watts (MW) to the energy starved region and strengthen the transmission network. It will be commissioned by a special purpose vehicle entails 170 kms transmission line and three high-power sub-stations, which will be focused in raising wheel capacity to get rid of generators and power cuts besides strengthening the grid network. 

Shares of Yes Bank on BSE, were trading at Rs 1166.55 per share, up by 0.32% at 13.26 pm.