Infra Stock Bags Rs 3,467 Crore Project in UP – Big Boost for Smart Metering Revolution
Boosting energy efficiency with 7.57 million smart meters across 22 districts.
GMR Power and Urban Infra Limited (GPUIL) has extended a corporate guarantee to the Indian Renewable Energy Development Agency Limited (IREDA) to secure a loan of Rs 440 crore for the project implementation of smart meters in Uttar Pradesh. The guarantee will cover the loans provided to the project SPVs (special purpose vehicles) under GSEDPL, a subsidiary of GPUIL.
Smart Metering Project Overview
GSEDPL has been awarded a significant contract to install, integrate, and maintain 75.69 lakh smart meters across various zones in Uttar Pradesh. The project, valued at Rs 3,467 crore, will be financed through a combination of debt, equity, and internal accruals. The total loan sanctioned by IREDA for the project is Rs 2,128 crore, aimed at funding the smart metering initiative.
Partnership with Bosch
The project is a collaboration with Bosch Global Software Technologies Private Limited, which acts as the technical partner. The integration of Bosch's expertise ensures the smooth execution of the advanced metering infrastructure (AMI) project. The initiative spans 22 districts in Uttar Pradesh and is expected to be completed over 10 years, with the aim of modernizing the electricity distribution system in the state.
Financials and Loan Details
GPUIL’s involvement in this project is key to securing the necessary funding and ensuring the successful execution of the AMI project. The corporate guarantee will extend until the commercial operation date (COD) of the project, helping to secure the obligations of the project SPVs.
Future Steps
As the project progresses, GPUIL plans to extend further guarantees for the balance amount once approval is obtained from shareholders for related party transactions. This strategic step aligns with GPUIL's growth objectives in energy and infrastructure sectors.
Disclaimer: The article is for informational purposes only and not investment advice.