AMP Capital establishes energy transmission platform
India, Gurugram: AMP Capital has established a partnership with Sterlite Power Transmission Limited for the development of energy transmission projects in India
Image Source: Sterlite Power
India, Gurugram: AMP Capital has established a partnership with Sterlite Power Transmission Limited for the development of energy transmission projects in India.
AMP Capital and Sterlite Power will each invest an initial amount of approximately $150 M in the development of four transmission projects, and have put in place debt financing, which represents a total capital outlay of around $1 B. These projects have a circuit length of nearly 1800 km of transmission lines across India. They will provide the critical infrastructure required for evacuating power from multiple renewable energy generation projects and will strengthen the power delivery infrastructure in the country.
Sharat Goyal, Head of India, Infrastructure Equity at AMP Capital said: “AMP Capital and Sterlite Power believe that this is a unique partnership bringing together operational and investment expertise to support the hitherto under-invested construction phase of power infrastructure in India. Our investment will create a pool of valuable transmission assets, with long-term contractual arrangements and a robust payment security framework, which are extremely attractive to yield-seeking investors.
Commenting on the transaction, Anuraag Srivastava, CFO Sterlite Power said “We are delighted to enter into a partnership with AMP Capital – a leading global infrastructure private equity firm. This investment is another testimony of continued trust reposed on us by the investor community.”
Pratik Agarwal, Managing Director, Sterlite Power said: “We are driven by our core purpose to enable access to reliable power while minimising the impact on climate change. The world is undergoing a clean-energy revolution and India is leading this effort with its mammoth target of 450 GW by the year 2030. Sterlite Power will contribute towards this noble cause by creating the required transmission infrastructure so that green energy can reach the most underserved households. We are happy to have like-minded partners like AMP Capital who believe in our core purpose and in our model of sustainable development.”
Source: Sterlite Power