SAO PAULO, December 18, 2017 /PRNewswire/ --
Key Highlights
- Wins third transmission project in Brazil; taking total investment to US
$ 1 Billion
- Largest investment by an Indian company in Latin America
- Potential to create more than 5500 direct jobs
Sterlite Power participated in the transmission auction held by
the Brazilian Government last Friday, and won the largest lot of
the auction of ~ US $ 800 million.
The 1800 km transmission project represented one-third of the total
auction value, which had global majors in the fray. The bid of
Sterlite had a discount of 35.72% over the proposed maximum annual
revenue and was one of the lowest discounts of the auction, which
had an average discount of 40.46%. Sterlite had won two projects in
the earlier auction in April
2017.
Commenting on the development, Mr. Pravin Agarwal, Chairman, Sterlite Power, said,
"Sterlite has demonstrated its international competitiveness by
winning the largest lot on offer in the auction. We are committed
to building a global transmission company by focusing on talent,
technology and innovation."
The project won by Sterlite will be executed in north of
Brazil, in the states of Pará and
Tocantins, with more than 1800 km of transmission lines. The
project will be part of the North-Southeast and North-Northeast
interconnections. It is critical for the power evacuation from Belo
Monte Hydroelectric Power Plant, the 3rd largest hydro power plant
in the world. The transmission project will increase the
reliability of the system in the northern region of Brazil and has the potential to create more
than 5,500 direct jobs, according to the National Electric Energy
Agency (ANEEL).
With the result of the auction, Sterlite consolidates its
presence in Brazil reaching a
total of US $ 1 Billion of
investment, the largest ever done by an Indian company in
Latin America. In order to lead
the existing projects and create a sustainable growth in the
Brazilian energy market, Sterlite is setting up a local team and
has retained as advisors Mr. Charles
Putz, partner of Rio Bravo Investimentos and former CFO of
Telefónica and CSN, and Mr. José Luiz Alquerez, former CEO and
Chairman of Eletrobras.
About Sterlite Power
Sterlite Power is a leading global developer of power
transmission infrastructure with projects of over 10,000 circuit
kms and 15,000 MVA across India
and Brazil. With an
industry-leading portfolio of power conductors, EHV cables and
OPGW, Sterlite Power also offers solutions for upgrading, uprating
and strengthening existing networks. The Company has pioneered
deployment of global technologies and innovative financing, thereby
setting new benchmarks in project delivery.
Sterlite Power is the sponsor of IndiGrid, India's first power sector Infrastructure
Investment Trust ("InvIT"), listed on the BSE and NSE.
For more details, visit: http://www.sterlitepower.com .
For details, contact
Luiz Gazulha Jr.
Phone: +55-11-998781210
Email: luiz.gazulha@sterlite.com