Sterlite Power said it has won a $600 million transmission project in Brazil.
The project would be executed over the next 3-5 years at Rio Grande do Sul in the southern region of the country.
With the latest order win, the company’s investment in Brazil’s transmission sector crossed $2 billion with a portfolio of 10 projects.
“In the recently concluded auction for transmission projects in Brazil, Sterlite Power emerged as the winner for Lot 13,” said the company in a statement.
It added that the project included setting up of six substations.
“We feel proud and honoured to be part of the Brazilian growth story. Our motivation to work on the toughest transmission projects that empower humanity has been the cornerstone of our journey in Brazil.
“We feel committed to the region and look forward to delivering the new project ahead of schedule,” said Pratik Agarwal, Group CEO, Sterlite Power.
Rui Chammas, Sterlite Power CEO in Brazil said, “We are happy to have won this project in the current auction. Sterlite Power is committed to delivering these projects ahead of schedule by leveraging a network of partners and a top-class local team.”
Financial closure
Sterlite Power has also achieved financial closure of the Arcoverde project.
The Arcoverde project was won by Sterlite Power during the auction conducted in April 2017 and the concession agreement was signed in August 2017.
The project includes building 139 km transmission line, constructing one greenfield and two brownfield substations.
On financial closure, Anuraag Srivatava, Group CFO, Sterlite Power, said this will “allow us to focus on completing the project ahead of schedule.” The project is in advanced stages of completion, the statement added.