Sterlite Power, a power transmission infrastructure developer, has achieved financial closure for its Kishtwar transmission project in Jammu and Kashmir (J&K), by securing debt funding of ₹3.05 billion (~$37.38 million) from a non-banking infrastructure finance company, Aseem Infrastructure Finance (AIFL).

Sterlite Power recently acquired the Kishtwar transmission project in December 2022 to execute the inter-state transmission system project.

“We are proud to play a role in providing reliable power and building a secure energy future for J&K. This will be our second project in the region after delivering the mega NRSS Kashmir project ahead of schedule,” Akshay Hiranandani, Executive Director- Corporate Finance, Sterlite Power said.

The project involves the construction of a transmission system comprising a 400/132 kV gas-insulated substation at Kishtwar district in J&K and a 400 kV transmission line from Kishenpur village in Samba district to the Dulhasti power project.

The transmission system will aid the evacuation of 1 GW of power from the Pakaldul Hydroelectric project to the Kishtwar substation.

Apart from bringing additional power flow, it will also help decongest the downstream networks in the region, improving the quality and reliability of power flow in Kashmir valley, the company said.

CEO of AIFL, Virender Pankaj said, “Aseem Infra is glad to have supported Sterlite Power by providing long-term debt financing for the Kishtwar project which would contribute immensely to the infrastructure growth story of J&K.”

Sterlite Power currently has a portfolio of 30 completed and under-construction projects covering approximately 14,602 circuit km of transmission lines across India and Brazil. The portfolio includes high-performance power conductors, extra-high voltage cables, and optical ground wires.

In March 2022, the power transmission company announced the financial closure of its Nangalbibra-Bongaigaon Transmission Project with debt funding of ₹4.4 billion (~$53.9 million) from Tata Cleantech Capital.

In September, the company’s Mumbai Urja Marg Transmission commissioned a 400 kV transmission line in the Banaskantha, Kansari, and Vadavi regions of Gujarat.