Companies

Sterlite Power raises ₹200 crore from Allianz Global via NCD issue

Our Bureau Mumbai | Updated on January 11, 2021 Published on January 11, 2021

Sterlite Power, a global power transmission company, has raised ₹200 crore through an issue of non-convertible debentures (NCDs) to Allianz Global Investors, an investment manager with a focus on sustainable investments.

The transaction, one of the first infrastructure sector financing deals for Allianz GI in India, was raised through NCDs with a three-year tenure. It is part of the larger refinancing exercise undertaken by Sterlite Power to reduce its holding company borrowings. The company is increasingly focussed on integrating renewable energy to the grid, it said in a press release.

Pratik Agarwal, Managing Director, Sterlite Power, said the transaction validates the rise of power transmission as an asset class with promising returns. “We remain focussed on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country,” he said.

The statement said Sterlite Power has raised project finance from HDFC Bank, Power Finance Corporation and REC for its transmission projects that are playing a vital role in the evacuation of renewable energy. Recently, the company announced an equal partnership with global investment manager AMP Capital to develop greenfield power transmission projects in India.

Sterlite Power is a global developer of power transmission infrastructure with projects of over 13,700 circuit km and 26,100 MVA in India and Brazil.

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Published on January 11, 2021
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