Sterlite Power raises ₹200 cr from Allianz Global Investors1 min read . Updated: 11 Jan 2021, 10:59 PM IST
The private power infra developer has raised the funds through a three-year non-convertible debenture
Sterlite Power has raised ₹200 crore in debt financing from Allianz Global Investors (Allianz GI), a global investment manager focussing on sustainable investments.
The transaction is among the first infrastructure sector financing deals for Allianz GI in India.
Sterlite Power raised the funds through a three-year non-convertible debenture.
The fund-raise is part of a larger refinancing exercise of the private power transmission infrastructure developer to reduce its holding company borrowings.
“This transaction with Allianz GI is a strong validation of the continued trust reposed on us by the banking and investor community, and the rise of power transmission as an asset class with promising returns," said Pratik Agarwal, managing director, Sterlite Power. “We remain focused on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country".
Last month, the company announced a 50:50 joint venture with global investment manager AMP Capital to build four transmission projects in the country.
AMP Capital and Sterlite Power will invest $150 million each to develop 1,800km of transmission lines.