Sterlite Power Announces Financial Closure of Arcoverde project

Sterlite Power, a global power transmission company announced the financial closure of their Arcoverde project in Brazil.

Sterlite Power, a global power transmission company announced the financial closure of their Arcoverde project in Brazil. This closure was successfully achieved in the month of November, 2018. Arcoverde project was won by Sterlite Power during the auction conducted by ANEEL in April, 2017 and the concession was signed in August 2017.

This project includes building 139 km transmission line, constructing one greenfield and two brownfield substations. With the project clearances in place and land acquisition completed, the project is in advanced stages of completion.

Anuraag Srivatava, Group CFO, Sterlite Power, said, “It is a matter of immense pride that we have managed to achieve financial closure for this project in a short period of time. This will allow us to focus on completing the project ahead of schedule, in accordance with our track record. The partnership with bankers has been extremely smooth and we thank them for extending a warm welcome to us.”