NEW DELHI, April 14, 2019 – Sterlite Power announced the signing of the Concession Agreement for batch 13, won in auction No. 04/2018. The Director General, ANEEL and authorities representing the Brazilian Government were present for the signing. The agreement was finalized during the first technical management meeting with ANEEL’s Superintendency of Concessions, Permissions and Authorizations for Transmission and Distribution (SCT).
The batch includes the construction of 3 energy transmission lines, for a total length of 316 km, two substations and 1,544 MVA transformation capacity, with Annual Allowed Revenue (RAP) of BRL 74.72 million and an investment of BRL 777.8 million. According to ANEEL’s deadline, the project is expected to be completed in March 2023, and signing the concession agreement represents an important milestone in its evolution.
Ved Mani Tiwari, CEO – Global Infrastructure Business, Sterlite Power said, “Brazilian power sector is characterized with policy and regulatory maturity. Given the strong contractual framework, including long concession tenures (30 years) and inflation-protected revenues (which help lower the forex risk), the Brazil market presents us with clear vision to implement projects in time bound manner. We hope to replicate our successes in India in Brazil too.”
“We are pleased with the ceremony and the meetings held today. They represent the advancement to the next stage in this project’s timely completion,” declared Rui Chammas, the company’s CEO in Brazil. “We are in the process of acquiring various licenses to ensure total compliance to the highest standards,” he added.
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