Power News We love to talk!

JUL 12 2018

Sterlite Power bags 6 projects in Brazil for $1 bn

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 12th JUL 2018

 

Sterlite Power, part of Anil Agarwal-led Vedanta Group, has secured six new transmission projects in Brazil at an investment of $1 billion in the latest round of auctions. The six lots are the largest in terms of capacity and aggregates to 65% of the total capital expenditure under auction by Brazil’s electricity regulatory authority.

Sterlite Power had earlier won two projects in 2017 for which the company achieved environmental clearance and finalised an EPC contractor. The commissioning of projects are seen between 2019 and 2021. The company will invest close to $1.7 billion on all the projects put together out of its planned investment of $4 billion in Brazil.

Pratik Agarwal, Group CEO of Sterlite Power, said, “We have the appetite for more projects in the region and will be open to bidding in the next round of auctions that will happen in November-December.” “We have operating assets in India that provide the financial visibility to invest in further expansion. The equity contribution of 25% will be met through internal accruals, while debt funding is easily available for such projects in the local market at cheap rates,” Agarwal said.

Tags

TOTAL Vedanta Sterlite Power Electricity India

Related News

  • Meet on energy cost optimization  Read more
  • Anil Ambani-led Reliance Power moves HC against Sasan coal mine cancellation  Read more
  • NTPC to phase out 11,000 Mw old power plants in five years: Piyush Goyal  Read more
  • All clear from Australia for $7.5-bn project: Gautam Adani  Read more
  • BHEL commissions 40 Megawatts hydro power unit in West Bengal  Read more
  • CERC revokes Trading Licenses of Green Fields Power & Gemac Engineering  Read more
  • Exclusive: India speeds up environmental approvals in industry, alarms activists  Read more
  • CIL to kick off roadshows for FPO today  Read more
  • TN loses 600MW more from North Chennai thermal unit  Read more
  • Govt defers coal pool pricing to next fiscal year  Read more