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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.
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