Sterlite Power wins six transmission projects in Brazil, to invest $2 bn

Transmission company Sterlite Power on Wednesday said it has won six transmission projects in Brazil and will be investing close to $2 billion in the Brazilian power sector.

“In the recently concluded auction for transmission projects in Brazil, Sterlite Power emerged as the largest winner, clinching 6 lots at an investment of roughly $1 billion, securing about 65% of the capex under auction,” the company said in its statement. The company emerges as the first Indian company to invest close to $2 billion in Brazilian power transmission sector, the statement added.

Pratik Agarwal, group chief executive officer (CEO) for Sterlite Power said the company plans to invest close to $4 billion in this region. "Brazil requires an incremental 61,800 km in transmission lines, this makes the market very attractive to us and we have already committed $1.7 billion of the planned $4 billion in the region. We intend to develop global partnerships to execute our global portfolio of projects," Agarwal said.

The six transmission projects that the company won entails 23 sub stations; 2,000 ckm of lines and 5,500 MVA of transformation capacity. The six projects take Sterlite’s total portfolio in Brazil to nine projects with a revenue consideration of $200 million annually for the next couple of years.

"With these projects, about 40% of our portfolio is now international. If we exclude the commissioned projects, the mix would be 60% of international orders," Agarwal added. He added the company is in the early stage of evaluating other international markets.