Sterlite Power raises Rs 200 cr from Allianz GI

New Delhi: Global power transmission firm Sterlite Power on Monday said it has raised Rs 200 crore in debt financing from Allianz Global Investors.

This transaction is one of the first infrastructure sector financing deals for Allianz GI in India. Sterlite Power has raised Rs 200 crore in debt financing from Allianz Global Investors (Allianz GI) - one of the world's leading investment managers with focus on sustainable investments, a company statement said. The Rs 200-crore facility from Allianz GI has been raised as a non-convertible debenture with a three-year tenure and is part of the larger refinancing exercise undertaken by Sterlite Power to reduce its holding company borrowings. Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid.

Pratik Agarwal, Managing Director, Sterlite Power, said: "We remain focused on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country." Sterlite Power has concluded a significant number of financial deals with leading global and national investors, it said.

It has raised project finance from both private as well as public sector financial institutions like HDFC Bank, Power Finance Corporation Limited and REC Ltd., for its transmission projects. Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop greenfield power transmission projects in India.