Sterlite Power has plans to sell its Brazilian transmission project to V2i Transmissão de Energia for $35 million, according to Mint.
The Arcoverde Project is comprised of a 139-kilometer transmission line, one new substation and the expansion of two other substations, according to Sterlite Power’s website. Power will consist of 400 megavolt amps.
The project, acquired by Sterlite in 2017, was designed to increase renewable energy flow to Brazilian state, Pernambuco. It was commissioned in May, more than two years ahead of its scheduled commercial operation date.
“We are proud to have delivered our first successful project to support the SIN - Brazilian National Grid,” stated Pratik Agarwal, CEO of Sterlite Power, in a press statement. “Through this transaction, we monetize our first asset and thereby attract equity capital to reinvest in our portfolio of greenfield projects.”
