NEW DELHI: Sterlite Power on Wednesday said it has secured funding worth Rs 580 crore from REC Ltd for its Udupi Kasargode Transmission Project.
In a statement, the company said it has completed the successful financial closure of the project set up by Udupi-Kasargode Transmission Project Ltd (UKTL).
The Inter-State Transmission System project spanning across the southern states of Karnataka and Kerala.
It is made up of two critical elements, including a 1000 MVA 400/220 kV Gas Insulated Substation (GIS), one of the first GIS substations to be built at Kasargode, as per the statement.
In accordance with the Letter of Award received from RECTPCL (REC Transmission Projects Company Ltd), the project involves construction of a 400kV (Quad) D/c transmission line, extending over 240 ckm (circuit km), from Udupi in Karnataka to Kasaragode in Kerala.
The scope of the project also includes supply and installation of two 400 kV line bays and bus bar extension at Udupi switchyard.
Anuraag Srivastava, Group CFO of Sterlite Power said the company was pleased to secure funding from REC.
Recently, the company announced an equal partnership with global investment manager AMP Capital to develop greenfield power transmission projects in India, including the UKTL project.
In March 2021, Sterlite Power successfully completed its transmission project NER-II and subsequently sold it to IndiGrid.
Sterlite Power is a leading developer of power transmission infrastructure.