Sterlite Power sells 3 power transmission projects for $100 M

Brazil: On 23 March Sterlite Power said that it had concluded divestment of its three power transmission assets worth $100 M in Brazil.

The three assets, including Arcoverde, Novo Estado and Pampa, have been sold to Investment Fund Vinci Energia, ENGIE Transmissão de Energia Participações, and FIP Brasil Energia and CYMI Construções, respectively, for a total consideration of $100 M (BRL 566 M), the company said in a statement.

After these transactions, the company retains seven projects in several Brazilian regions, which are at different phases of execution, Sterlite Power said.

Vineyards is in the advanced phase of construction, already partially energised, corresponds to 70 % of the enterprise and is scheduled for final delivery this year. The other six are in different phases of environmental licensing.

Pratik Agarwal, Managing Director, Sterlite Power, said, “Recently we divested some of our projects to marquee developers and investors, which reflects the high quality of assets in our portfolio. We remain committed to sustainable execution of our projects which contribute to the expansion of the energy transmission system of Brazil.”

Acquired by Investment Fund Vinci Energia, the project Arcoverde is in operation since May 2019 and delivered 28 months ahead of the schedule established by The Brazilian Electricity Regulatory Agency.

The Sterlite Power is a global developer of power transmission infrastructure with projects of over 13,315 circuit km and 23,885 MVA in India and Brazil. It is also the sponsor of IndiGrid.

Source: Money Control