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Sterlite Power declared that it has completed the refinancing of its credit for the Lakadia-Vadodara Transmission project, with a ₹1,840 crore prepayment. According to a release, the project was completely operationalised in January 2023.
The fresh funding from HDFC Bank, IIFCL, and Bank of Baroda would allow for the repayment of the existing project loan of about ₹1,840 crore. "Sterlite Power, a leading power transmission developer and global products and services provider, announced the successful refinancing of the Lakadia-Vadodara Transmission project loan within 12 months of the project becoming fully operational in January 2023," it said.
The new refinancing secures a reduced interest rate of 8.25 per annum, a significant improvement over the previous terms. The overall tenure of the facility is 18 years.
As the first private sector inter-state power transmission asset to secure such favourable refinancing terms, this accomplishment reflects the keen interest of financial institutions in supporting power transmission projects that offer stable, long-term cash flows, it stated.
"Refinancing our commissioned projects are in line with our efforts towards strategic reallocation of resources. Securing a better interest rate for the commissioned project further adds to our bottomline while delivering value to all stakeholders," Sterlite Power Managing Director Pratik Agarwal said in the statement.
The LVTPL project connects the 765/400 kV substation at Lakadia to Vadodara through a 335 km, 765 kV double-circuit transmission line. With 812 towers spanning seven districts in Gujarat, this power transmission corridor is also one of the largest transmission assets built in India to date.
Sterlite Power is a global power transmission infrastructure developer and global products and services provider with footprint in India and Brazil.
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