Under Phase III, Part-G, Sterlite Power has been awarded an interstate transmission system (ISTS) project for the evacuation of 20 GW of power from renewable energy zones in Rajasthan.
PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, awarded the letter of intent to build the project on a build, own, operate, and transfer basis for 35 years after the company participated in tariff-based competitive bidding.
The project entails the construction of a 765 kV transmission corridor that will run 350 kilometres from Fatehgarh III to Beawar in the Ajmer district.
The ISTS project will allow for the evacuation of up to 20 GW of renewable energy from the Fatehgarh (9.1 GW), Bhadla (8.1 GW), and Ramgarh (2.9 GW) areas.
This is Sterlite’s second green energy project and the first that the company bagged in Rajasthan.
Sterlite Power completed the 300-kilometer Lakadia-Vadodara Transmission Project, which is part of the green energy corridor, earlier this month. The project aims to connect over 5 GW of renewable energy from Bhuj and Kutch to the national grid.
Pratik Agarwal, Managing Director of Sterlite Power, stated, “We are very happy to win another Green Energy Corridor transmission project, which is critical to India’s energy transition playbook.” This is our eighteenth transmission project in the country, and we are well positioned to deliver another world-class asset to the nation with our strong capabilities and experience.”
Sterlite Power’s portfolio includes 30 completed, sold, and in-progress projects totaling 14,602 circuit kilometres of transmission lines in India and Brazil.
The Ministry of Power stated last year that the government is working to establish transmission systems for renewable energy zones with a capacity of 66.5 GW by the end of 2022 in order to integrate non-fossil fuel energy sources with the country’s grid. It also intends to set up transmission lines for an additional 181.5 GW of renewable energy resources by 2030.
Sterlite Power secured financial closure for its Vapi II North Lakhimpur Transmission Limited project in October 2020, with Power Finance Corporation providing total debt funding of 20.7 billion ($281 million).
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