Sterlite Power, a well-known global power transmission player, has completed merger of its wholly owned subsidiary Sterlite Power Grid Ventures Ltd. with the parent entity. With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure.
Sterlite Power is increasingly focusing on integrating Renewable Energy (RE) to the grid and has been awarded vital projects connecting the national grid to clean and green energy. The company has added several Inter-State Transmission System (ISTS) projects to its portfolio in FY20 including the Lakadia-Vadodara Transmission Project Ltd. (LVTPL), which is part of India’s Green Energy Corridor (GEC). It also commissioned its first project in Brazil (Arcoverde) 28 months ahead of schedule, which was designed to evacuate renewable wind energy. Through its unique asset monetization strategy, the company has realized additional liquidity of INR 2,450 Cr from the monetization of three projects in India (NRSS 29, OGPTL and ENICL) and three projects in Brazil (Pampa, Arcoverde and Nova Estado).
Describing their strategic course of activities, Pratik Agarwal, Managing Director, Sterlite Power, said, “We are driven by our core purpose to enable access to reliable power while minimizing the impact on climate change. As the world makes rapid transition towards clean energy, and India targets 450GW of renewable energy by 2030, we will contribute towards this noble cause by creating the required transmission infrastructure so that green energy can reach the most underserved households.”
