The Business Bytes
TBB BUREAU
NEW DELHI, JANUARY 11, 2021
Global power transmission player Sterlite Power on Monday announced that it has raised Rs 200 crore in debt financing from Allianz Global Investors (Allianz GI), one of the world’s leading investment managers with a focus on sustainable investments.
This transaction is one of the first infrastructure sector financing deals for Allianz GI in India.
The Rs 200 crore facility from Allianz GI has been raised 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.
Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid.
Commenting on the transaction, Sterlite Power Managing Director Pratik Agarwal said, “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.”
Sterlite Power has been successful in concluding a number of financial deals with global and national investors. It has raised project finance from both private as well as public sector financial institutions like HDFC Bank, Power Finance Corporation Limited and REC Ltd, for its transmission projects that are playing a vital role in the evacuation of renewable energy.
Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop greenfield power transmission projects in India.
