Transmission company Sterlite Power Transmission Ltd has bought Nangalbibra─Bongaigaon Transmission Ltd, a special purpose vehicle (SPV) floated by PFC Consulting Ltd for an undisclosed amount, the company said in a statement on Tuesday.
Through the acquisition of the SPV, Sterlite Power will execute the inter-state transmission system (ISTS) project, which it had won through tariff-based competitive bidding in October 2021 for Rs 324 crore, the statement said.
Sterlite Power will set up around 300 circuit kilometres (ckt) of transmission lines network, and a greenfield substation with 320 MVA transformation capacity across the northeastern terrain of Assam and Meghalaya in the project, the statement said.
The project will include around 250 ckt of 400kV D/c transmission line connecting Bongaigaon in Assam to a greenfield substation at Nangalbibra in Meghalaya, across the river Brahmaputra. It will also include the 220/132 kV substation at Nangalbibra in Meghalaya, and around 50 ckt of 132kV D/c line connecting Hatsinghmari in Assam to Ampati in Meghalaya, Sterlite Power said in the statement.
The project will transmit over 1000 MW of power from Assam to the western parts of Meghalaya, Sterlite Power said. The project will also lead to the decongesting of downstream networks in the region, and enhance the quality and reliability of power flow in northeast India, the company said.
With the acquisition, Sterlite Power now has a portfolio of 27 projects across India and Brazil. This portfolio includes projects under various stages of development, and also those that have been sold. Earlier this year, the company had completed NER-II project spanning across the northeastern states of Assam, Arunachal Pradesh, and Tripura. The company said it is increasing its focus on integrating renewable energy sources to the transmission grids.
The company, in January, had raised Rs 1,300 crore in debt financing from Germany’s Allianz Global Investors and a subsidiary of an Indian conglomerate, VCCircle had reported.