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Sterlite Power concludes sale of 3 power transmission projects in Brazil for USD 100 million

Press Trust of India  |  New Delhi 

Sterlite Power on Monday said that it has concluded divestment of its three power transmission assets worth USD 100 million in Brazil.

The three assets, including Arcoverde, Novo Estado and Pampa, have been sold to Investment Fund Vinci Energia, ENGIE Transmisso de Energia Participaes, and FIP Brasil Energia and CYMI Construes, respectively, for a total consideration of BRL 566 million or USD 100 million, the company said in a statement.

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

Vineyards, in Rio Grande do Sul, is in the advanced phase of construction, already partially energised, corresponds to 70 per cent of the enterprise and is scheduled for final delivery this year.

The other six are in different phases of environmental licensing. Passing through the Northeast with Dunas, Borborema and So Francisco.

In the midwest, Goyaz, and in the north, there is Marituba and in the Southeast, the company continues with Solaris.

Pratik Agarwal, Managing Director, Sterlite Power, said We delivered our first project ArcoVerde in May 2019, much ahead of schedule.

"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 in operation since May 2019 and delivered 28 months ahead of the schedule established by ANEEL (The Brazilian Electricity Regulatory Agency) (August 2021).

The Sterlite Power is a global developer of power transmission infrastructure with projects of over 13,315 circuit kms and 23,885 MVA in India and Brazil.

It is also the sponsor of IndiGrid, India's first power sector Infrastructure Investment Trust (InvIT), listed on the BSE and NSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 23 2020. 14:54 IST
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