Sterlite Power Concludes Sale of Novo Estado

Sterlite Power, a leading global developer in power transmission today 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.

As a result, today onwards, ENGIE detains 100% of the shares of Novo Estado, and Sterlite Power in Brazil received the respective sale price, under the terms of the Purchase and Sale Agreement, signed between the parties on December 23, 2019.

Novo Estado Project, won by Sterlite at the ANEEL auction in December 2017, includes 1831 km of transmission lines, 4,000 towers and 32,000 km of cables that will contribute to the expansion of the North-Southeast and North-Northeast interconnections, in addition to part of the outflow of energy from the Belo Monte HPP, contributing to the strengthening of an even more solid and active network in the development of the energy transmission system in Brazil and its North region.

Source : Equity Bulls

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