The joint venture will target new opportunities starting with a USD 13 billion bid pipeline. It will also look for proposals falling in line with India’s ambition to achieve 500 GW of renewable energy capacity by 2030.

Mar 28, 2024

Sterlite Power, one of India’s leading private power transmission developers, has signed definitive agreements with an affiliate of global investment firm GIC, to set-up a new platform to develop and operate power transmission projects in India.

Sterlite Power will own the majority stake of 51 percent and GIC will own the remaining 49 percent stake.

Commenting on the JV, Mr. Pratik Agarwal, Managing Director, Sterlite Power, said “India’s renewable vision calls for investments in transmission to unlock the full potential of 500 GW of renewable power. This joint venture signals global confidence in India’s growth vision.

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“With GIC as our partner, we are poised to play a leading role in India’s transmission sector, starting with the USD 13 billion bid pipeline. We stay committed to building world class assets and empowering humanity by addressing the toughest challenges of clean energy delivery.”

Mr. Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, “We are pleased to partner with Sterlite Power, a leading transmission infrastructure developer and operator, to support India’s energy transition ambitions.

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“We believe transmission infrastructure will play a crucial role in facilitating the growth of renewable energy supply to sustainably meet the increasing power demand in the country. India is a key long-term market for GIC given its strong economic fundamentals and favourable demographics, which are spurring opportunities in many sectors including infrastructure development,” he added.