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Sterlite Power has announced the successful refinancing of its project loan for the recently commissioned Khargone Transmission Project.
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The new financing from Aseem Infrastructure Finance Limited( Rs 525 crore), NIIF Infrastructure Finance Limited ( Rs 450 crore) and Aditya Birla Finance Limited ( Rs 225 crore) will enable the company to prepay the existing project loan of approximately Rs 1100 crore.
With this transaction, Sterlite Power has reduced its annual interest cost by almost 400 basis points, improving the risk profile of the project post achievement of CoD (Date of Commercial Operation). The refinancing of this inter-state transmission project also highlights the keen interest of financial institutions in funding power transmission projects with stable long-term cash flows.
Pratik Agarwal, managing director of Sterlite Power, said, “This transaction aligns well with our strategy and will provide greater financial headroom to the business in the coming years. It is a testimony of the continued trust reposed on us by the banking and investor community for our ability to deliver challenging projects on time while delivering strong returns.”
