NEW DELHI, April 12, 2019 /CNW/ -- Sterlite Power announced the signing of the Concession Agreement for batch 13, won in auction No. 04/2018. The Director General, ANEEL and authorities representing the Brazilian Government were present for the signing. The agreement was finalized during the first technical management meeting with ANEEL's Superintendency of Concessions, Permissions and Authorizations for Transmission and Distribution (SCT).
The batch includes the construction of 3 energy transmission lines, for a total length of 316 km, two substations and 1,544 MVA transformation capacity, with Annual Allowed Revenue (RAP) of BRL 74.72 million and an investment of BRL 777.8 million. According to ANEEL's deadline, the project is expected to be completed in March 2023, and signing the concession agreement represents an important milestone in its evolution.
Ved Mani Tiwari, CEO – Global Infrastructure Business, Sterlite Power said, "Brazilian power sector is characterized with policy and regulatory maturity. Given the strong contractual framework, including long concession tenures (30 years) and inflation-protected revenues (which help lower the forex risk), the Brazil market presents us with clear vision to implement projects in time bound manner. We hope to replicate our successes in India in Brazil too."
"We are pleased with the ceremony and the meetings held today. They represent the advancement to the next stage in this project's timely completion," declared Rui Chammas, the company's CEO in Brazil. "We are in the process of acquiring various licenses to ensure total compliance to the highest standards," he added.
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects exceeding 12,500 km in circuits and 20,500 MVA in India and Brazil. With a market-leading portfolio in power conductors, EHV and OPGW cables, Sterlite Power also provides solutions for updating, improving and reinforcing existing networks. The company has set new benchmarks in the industry through cutting-edge technologies and innovative financing. Sterlite Power also sponsors IndiGrid, the first Infrastructure Investment Company in the energy industry in India ("InvIT"), listed on BSE and NSE. For further details, please visit www.sterlitepower.com.
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SOURCE Sterlite Power Grid Ventures Limited