Sterlite Power has won the auction for a major transmission line in Brazil, a critical component for the evacuation of power from the Belo Monte hydropower complex. The 1800km transmission project represented one-third of the total auction value at US$800 million.
“Sterlite has demonstrated its international competitiveness by winning the largest lot on offer in the auction. We are committed to building a global transmission company by focusing on talent, technology and innovation,” commented Pravin Agarwal, Chairman, Sterlite Power.
The project won by Sterlite will be executed in north of Brazil, in the states of Pará and Tocantins. The project will be part of the North-Southeast and North-Northeast interconnections, and will transmit power from Belo Monte. The transmission project will increase the reliability of the system in the northern region of Brazil and has the potential to create more than 5500 direct jobs, according to the National Electric Energy Agency (ANEEL).
With the result of the auction, Sterlite consolidates its presence in Brazil reaching a total of US $ 1 Billion of investment, the largest ever by an Indian company in Latin America. In order to lead the existing projects and create a sustainable growth in the Brazilian energy market, Sterlite said it is setting up a local team and has retained as advisors Charles Putz, partner of Rio Bravo Investimentos and former CFO of Telefónica and CSN, and José Luiz Alquerez, former CEO and Chairman of Eletrobras.
