Sterlite Power announced that the sale process of Sterlite Novo Estado Energia S A (Novo Estado) to ENGIE Transmissão de Energia S A was concluded, with all precedent conditions met.
In December 2019, ENGIE Brasil Energia executed an agreement for the purchase of 100 per cent of the stock of Sterlite Novo Estado Energia S A, the holder of a concession for the construction, operation and maintenance of 1,800 kilometers of transmission lines in the Brazilian states of Pará and Tocantins.
The Brazilain Real (BRL) 410 million deal also includes the construction of a new substation and upgrades to three existing substations in the two states.
Sterlite Participacoes was awarded Lot 3 in ANEEL’s transmission auction in 2017, which resulted in Novo Estado signing a concession agreement with the Brazilian government agency. Besides 1,800 kilometres of power lines, the concession covers construction, operation and maintenance of one new substation and the expansion of three other substations in the Brazilian states of Para and Tocantins.
Source: The Hindu Businessline