Sterlite Power partners Vinci Energia to buy Vineyards Project
Sterlite Power on stated on 15 April said to have partnered with Vinci Energia in the power transmission sector to buy Vineyards Project.
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India, Mumbai: Sterlite Power on stated on 15 April said to have partnered with Vinci Energia in the power transmission sector to buy Vineyards Project.
Sterlite Power and Vinci Energia, through Vinci Infraestrutura Gestora de Recursos LTDA, announced that they are to formalise the commitment of the first acquisition of issuance of debentures convertible into shares for the Vineyards Project that is in the final phase of implementation, a Sterlite Power statement said.
The transaction under this relevant fact foresees $26.5 M (BRL 149 M) Real in debentures aimed at developing projects in Sterlite Power’s portfolio. The investment amount can be converted into shares with an 80 per cent purchase option when the project is complete this year. The remaining 20 per cent can be purchased within 190 days.
With an initial investment of $70 M (BRL 395 M), Vineyards Project includes the construction of 112 km of transmission lines, implementation of two new 496 MVA substations, and the expansion of four substations in the regions of Garibaldi, Bento Goncalves, Lajeado, and Bage.
“This partnership is an important recognition for our operations in Brazil since last four years and our long-term plan in the country. We understand that Vinci has identified the quality of our assets for the composition of its infrastructure investment fund, and we are happy to continue together on this journey,” said Marco Tanure, CFO of Sterlite Power Brazil.
Source: Saur Energy