The acquisition of Lakadia Vadodara Transmission Project Limited (LVTPL), is expected to give a leg up for Sterlite Power in the Indian transmission sector.
Sterlite Power has acquired Lakadia Vadodara Transmission Project Limited (LVTPL) from PFC Consulting Limited.
LVTPL is a Special Purpose Vehicle which was incorporated as a wholly owned subsidiary of PFC Consulting.
The company had won this project through tariff-based competitive bidding process and would execute it under the Build, Own, Operate and Maintain (BOOM) model for 35 years in Gujarat, the company said in a statement. Financial details of the transaction were undisclosed.
The project involves laying 350 km of 765 kV double-circuit transmission line connecting 765/400 kV Lakadia substation to Vadodara substation in Gujarat in 18 months. Pratik Agarwal, Managing Director, Sterlite Power said: “We are proud to be part of this energy-transition journey of the country and are fully geared to contribute to it with this and more such projects.”
The project is aligned to enable the country’s renewable energy target of installing 175 GW RE by 2022 and connects the wind energy zones of Bhuj in Gujarat to the load centres in the States of Gujarat and Maharashtra.
With the acquisition of this project, the company has increased its domestic footprint in inter-state transmission projects to 22 states with a cumulative transmission line network of more than 9000 ckms in India and Brazil.
Sterlite is also the sponsor of India’s first power sector InvIT, which has seen investments from sovereign wealth fund GIC and KKR.