Sterlite Power refinances LVTPL Green Energy Corridor Project in Gujarat

Sterlite Power on Wednesday said it has concluded the refinancing of its Lakadia-Vadodara Transmission project loan with prepayment of Rs 1,840 crore. The project was made fully operational in January 2023, a statement said. The new financing from HDFC Bank, IIFCL, and Bank of Baroda will enable prepayment of the existing project loan of about Rs 1,840 crore. "Sterlite Power, a leading power transmission developer and global products and services provider, announced the successful refinancing of the Lakadia-Vadodara Transmission project loan within 12 months of the project becoming fully operational in January 2023," it said. The new refinancing secures a reduced interest rate of 8.25 per annum, a significant improvement over the previous terms. The overall tenure of the facility is 18 years. As the first private sector inter-state power transmission asset to secure such favourable refinancing terms, this accomplishment reflects the keen interest of financial institutions in supporting power transmission projects that offer stable, long-term cash flows, it stated.