Sterlite Power to sell Brazilian transmission project for $35.5 million

Mumbai: Power transmission company Sterlite Power has agreed to sell its Arcoverde Project, a transmission project in Brazil, to V2i Transmissão de Energia S.A for $35 million. The Arcoverde project was built to increase the flow of renewable energy to the state of Pernambuco in Brazil.

Sterlite Power won the project n April 2017 and commissioned in May this year, 28 months ahead of the deadline set by ANEEL (Brazilian Electricity Regulatory Agency), Sterlite Power said in a statement. For this transaction, V2i Transmissao de Energia S.A., funded by Vinci Energia FIP – IE, will pay Sterlite Power $35.5 million. The conclusion and effectiveness of that transaction is subject to compliance with certain preceding conditions, such as the approval of ANEEL, among others.