Mumbai: Leading transmission player Resonia (erstwhile Sterlite Power) on Tuesday said it has achieved financial closure for the Vapi II North Lakhimpur Transmission project by securing the entire debt funding of Rs 2,070 crore from Power Finance Corporation. The financial closure is achieved within four months of the SPV acquiring the project in June this year.

The project is one of the largest inter-state transmission systems covering the Western region strengthening scheme-XIX and the North Eastern region strengthening scheme-IX, the company said in a statement.

This single project, with its various sub-elements, will supply clean and green energy from solar, nuclear and hydel power to western and northeastern states.

The project aims to set up 179 ckm for critical system strengthening to decongest the Navi Mumbai transmission corridor by bringing in an inter-state transmission feed of about 1,000 mw. This link will cater to the growing energy needs of the region especially for the upcoming Navi Mumbai Airport and the SEZ.

Commenting on the financial closure, Pratik Agarwal, Chairman, Resonia said the deal shows the trust PFC has in the company's capability to deliver some very challenging transmission projects.

On the commitment to green energy projects, he said he expects about 80 per cent of their new projects to be linked to transportation of renewable energy. He also said earlier this month, the company inducted REC as the lead lender for LVTPL project, which is green energy corridor.

Resonia has in recent past successfully achieved financial closure of many of its projects despite weak market conditions owing to the COVID-19 pandemic. In July, it had refinanced its Gurgaon Palwal Transmission project with HDFC Bank.

Resonia has a portfolio of over 13,700 circuit km and 26,100 mwa in India and Brazil.

Read more: The Economic Times