Sterlite Power Successfully Concludes Refinancing of Gurgaon Palwal Transmission Project with HDFC Bank
New Delhi, 6 July 2020: Sterlite Power, a leading global power transmission player, announced the successful refinancing of the loan for Gurgaon Palwal Transmission Limited [GPTL] project, within 3 months of the project becoming fully operational in April 2020. The new financing to prepay the existing project loan of INR 800 crores has been arranged by HDFC Bank. The new facility has been availed at significantly favourable terms demonstrating the considerably improved risk profile of the project post achievement of CoD (Date of Commercial Operation).
With this transaction, Sterlite Power has achieved a reduction of almost 300 basis points in the interest cost to be incurred by the project on a per annum basis. The refinancing of this critical ISTS project also highlights the keen interest of financial institutions in funding power transmission projects with stable long-term cash flows.
Mr. Pratik Agarwal, Managing Director, Sterlite Power, said, "We are pleased to conclude refinancing of our GPTL project loan by India’s leading financial institution, HDFC Bank. It is a testimony of the continued trust reposed on us by the banking and investor community for our ability to deliver challenging projects on time, with the highest standards of quality and safety, while delivering strong returns.”
Successfully commissioned in the month of April 2020, the GPTL project connects ~2000 MW additional power to Gurugram and Palwal areas in the state of Haryana in India. Apart from making Gurugram DG-set free, this project will enable access to reliable power for more than 3 million households in the state. This project has implemented India’s first vertical GIS substations built at Prithla, Kadarpur and Sohna. Apart from saving land, this innovation has resulted in offsetting more than 18,000 tons of CO2 emissions each year as compared to conventional layout of a similar GIS substation.
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,670 circuit kms and 24,800 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is also the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE. Sterlite Power has been recognised with prestigious global awards from S&P Global Platts and International Project Management Association (IPMA). www.sterlitepower.com