International developer of electricity transmission infrastructure Sterlite Power announced the financial closing of Udupi-Kasargode Transmission Project Ltd. (UKTL). It has acquired Rs 580 crore of debt capital from REC Limited, one of India's leading power lenders (REC.).

UKTL's project is an Inter-State Transmission System connecting Karnataka and Kerala in the south. It has a 1000MVA 400/220 kV Gas Insulated Substation (GIS), one of the first GIS substations developed in Kerala's Kasargode.

The project entails building a 400kV (Quad) D/c transmission line spanning 240 km from Udupi, Karnataka, to Kasaragode, Kerala. Two 400kV line bays and a bus bar expansion are also part of the project scope at the Udupi switchyard.

“Sterlite Power has successfully concluded a number of financial arrangements with global and national investors in the past,” said Anurag Srivastava, Group CFO, of Sterlite Power. We are thrilled to have received money from REC, one of India's leading power industry financial institutions.”

For the UKTL initiative, the business recently established equal cooperation with global investment management AMP Capital. It has also received project funding from commercial and public sector financial organizations including IndusInd Bank and PFC Ltd. Sterlite Power completed and sold its NER-II transmission project to Indi Grid in March 2021.