With Successful Divestment of Assets, Sterlite Power in Brazil Advances its Business Strategy in the Country
Hyderabad: Sterlite Power in Brazil celebrates another milestone in its history with the conclusion of the sale of three assets from its portfolio in the order of BRL 566 million (US$ 100 million): Arcoverde, Novo Estado and Pampa.
Currently, after these transactions the company retains seven projects in several Brazilian regions, which are at different phases of execution. Vineyards, in Rio Grande do Sul, is in the advanced phase of construction, already partially energized, corresponds to 70% of the enterprise and is scheduled for final delivery this year. The other six are in different phases of environmental licensing. Passing through the Northeast with Dunas (CE and RN), Borborema (PB) and São Francisco (SE and BA). In the Midwest, Goyaz (GO). In the North, there is Marituba (PA) and in the Southeast, the company continues with Solaris (MG).
Commenting on the closure Mr. Pratik Agarwal, Managing Director, Sterlite Power, said “Sterlite Power has built a strong presence in the Brazilian power transmission market with a robust portfolio of projects under various stages of development. Driven by innovation and operational excellence, we delivered our first project ArcoVerde in May 2019, much ahead of schedule. Recently we divested some of our projects to marquee developers and investors, which reflects the high quality of assets in our portfolio. We remain committed to sustainable execution of our projects which contribute to the expansion of the energy transmission system of Brazil.”
Acquired by Investment Fund Vinci Energia, the project Arcoverde (PE) in operation since May 2019 and delivered 28 months ahead of the schedule established by ANEEL (August 2021). The construction of the Arcoverde Project increased the flow of renewable energies 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 substations (Garanhuns II and Caetés II) existing in the region.
Project Novo Estado (PA e TO) will be operated by ENGIE Transmissão de Energia Participações. With 1831 km of transmission lines, 4,000 towers and 32,000 km of cables, the project will expand the North-Southeast and North-Northeast interconnections, in addition to part of the outflow of energy from the Belo Monte HPP, contributing to the strengthening of an even more solid and active network in the development of the energy transmission system in Brazil and its North region.
Acquired by FIP Brasil Energia and CYMI Construções, Project Pampa (RS) contemplates the construction of three power transmission lines, totaling 316 km in length, two substations and a transformation capacity of 1,544 MVA, scheduled for completion in March 2023, according to the ANEEL deadline, which will foster the local and National Grid (SIN).