AMP, Sterlite in $300 mn power transmission pact

‘Total investment may touch $500 mn’

TOPSHOT - Indian power supply employees restore a high-tension tower in Puri in the eastern Indian state of Odisha on May 10, 2019 after the passage of cyclone "Fani". - At least 42 people lost their lives in India's Odisha state and neighbouring Bangladesh after cyclone Fani barrelled into the region on May 3, packing winds of up to 200 kilometres (125 miles) an hour. (Photo by ASIT KUMAR / AFP)

AMP Capital has established an equal partnership with Sterlite Power Transmission Ltd. for the development of energy transmission projects in India.

AMP Capital and Sterlite Power would each invest an initial amount of about $150 million in the development of four transmission projects, and had put in place debt financing, representing a total capital outlay of about $1 billion, they said.

“These projects have a circuit length of nearly 1,800 km of transmission lines across the western, southern and northeastern regions of India. They will provide the critical infrastructure required for evacuating power from multiple renewable energy generation projects and strengthen the power delivery infrastructure in the country,” they added.

“The partners may contribute further capital for inter-State transmission projects, expected to be tendered by the Government of India. Therefore, the partnership has the potential to reach an overall investment size of $500 million,” the firms said.