GIC and Sterlite Power, one of India’s top private power transmission developers, have launched a joint venture to create a power transmission platform in India. Under the agreement, Sterlite Power will own the majority stake of 51 percent, and GIC will own the remaining 49 percent stake in the joint venture.
As India moves toward its renewable energy targets, the transmission segment also is growing rapidly to support the increasing energy capacity installations in the country. The government is seeking to triple its renewable energy share to 500 gigawatts by 2030, adding 50 gigawatts of renewable-energy capacity annually.
According to the companies, the joint venture platform will be well-positioned to target the new opportunities emerging from the need for more than $13 billion of capital expenditures announced by the Indian government.
“India’s renewable vision calls for investments in transmission to unlock the full potential of 500 gigawatts of renew