The infrastructure debentures of the Arcoverde project were rated AAA, the best possible risk rating
New Delhi, October 10, 2019 - Sterlite Power, a leading global developer of power transmission assets, has received funds from newly issued infrastructure debentures rated by Fitch Ratings as AAA (triple A), the best one on the rating scale, for the Arcoverde Project. This is an important milestone for Sterlite as our first infrastructure debentures in the Brazilian capital markets.
“We are pleased with this AAA rating, which attests the financial quality of our projects.” Says Rui Chammas, CEO of Sterlite Power in Brazil.
The rating of Arcoverde Project Debentures issue reflects the operational stage of the project, as well as the legal and regulatory framework of the Brazilian energy sector, associated with the nature of the power transmission segment. The R$ 52 million single-issue transaction has a 23-year term.
With this issuance, the project's long term financing structure will be composed of both infrastructure debentures and BNB's long-term financing. This way, the project guarantees optimized financing conditions.
The Arcoverde project was commissioned in May 2019, 28 months ahead of ANEEL´s schedule, expanding power transmission services to the Pernambuco region with the construction of 129 km of power transmission lines, the installation of a new substation (Arcoverde II) and the expansion of two other current substations (Garanhuns II and Caetés II).
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,315 circuit kms and 23,885 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is also the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE.
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