Private transmission company Sterlite Power has raised ₹200 crore in debt financing from Allianz Global Investors (Allianz GI), a global investment managers with focus on sustainable investments, it said Monday. This transaction is one of the first infrastructure sector financing deals for Allianz GI in India.
Sterlite has raised the the funds as a non-convertible debenture with a three-year tenure and is part of the larger refinancing exercise undertaken by Sterlite Power to reduce its holding company borrowings.
Pratik Agarwal, Managing Director, Sterlite Power, said in a press note that “This transaction with Allianz GI is a strong validation of the continued trust reposed on us by the banking and investor community, and the rise of power transmission as an asset class with promising returns. We remain focused on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country.”
Last month, the company announced that it had established a 50:50 partnership with global investment manager AMP Capital to develop four transmission projects in the country. AMP Capital and Sterlite Power will invest $150 million each on the development of 1,800 km of transmission lines.
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,700 circuit kms and 26,100 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks.
This article was first published on livemint.com