New Delhi, Feb 14 (PTI) Sterlite Power on Wednesday said it has concluded the refinancing of its Lakadia-Vadodara Transmission project loan with prepayment of Rs 1,840 crore.

The project was made fully operational in January 2023, a statement said.

Also Read | APPSC Group 2 Hall Ticket 2023 Released at psc.ap.gov.in: Admit Card for Group 2 Services Examination Out, Know Steps To Download.

The new financing from HDFC Bank, IIFCL, and Bank of Baroda will enable prepayment of the existing project loan of about Rs 1,840 crore.

"Sterlite Power, a leading power transmission developer and global products and services provider, announced the successful refinancing of the Lakadia-Vadodara Transmission project loan within 12 months of the project becoming fully operational in January 2023," it said.

Also Read | Saraswati Temples in India: From Dakshina Mookambika to Sri Vidya Saraswathi Shaneeshwara, Mandirs Across The Country Dedicated to the Goddess of Knowledge.

The new refinancing secures a reduced interest rate of 8.25 per annum, a significant improvement over the previous terms.

The overall tenure of the facility is 18 years.

As the first private sector inter-state power transmission asset to secure such favourable refinancing terms, this accomplishment reflects the keen interest of financial institutions in supporting power transmission projects that offer stable, long-term cash flows, it stated.

"Refinancing our commissioned projects are in line with our efforts towards strategic reallocation of resources. Securing a better interest rate for the commissioned project further adds to our bottomline while delivering value to all stakeholders," Sterlite Power Managing Director Pratik Agarwal said in the statement.

The LVTPL project connects the 765/400 kV substation at Lakadia to Vadodara through a 335 km, 765 kV double-circuit transmission line.

With 812 towers spanning seven districts in Gujarat, this power transmission corridor is also one of the largest transmission assets built in India to date.

Sterlite Power is a global power transmission infrastructure developer and global products and services provider with footprint in India and Brazil.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)