Sterlite Power, which won orders to build power transmission lines in Brazil last year, is planning an investment of $4 billion in energy projects in Brazil by 2022.
Sterlite Power’s strategy is to grow in Brazil and establish its headquarters in Sao Paulo as a base for future expansion.
“We have committed to $1 billion in projects, and we are open to expanding this three or four times over the next three or four years,” Sterlite Group CEO Pratik Agarwal.
Sterlite Power has structured a local team and is looking for an experienced executive to take command of Brazilian operations and lead an expansion. “Sao Paulo will be our headquarters in Latin America to look beyond Brazil,” Agarwal said.
Sterlite Power will be targeting Argentina, Chile, Mexico and Peru as potential countries for expansion in 1-3 years.
Sterlite Power caught the attention of the Brazilian energy industry in its first bid in April last year to take out a broadcast concession with a discount of 58.9 percent over the government’s maximum allowable revenue for the project.
The company has already secured funding and all environmental licenses for one of its three projects and there is great confidence in being able to deliver them in advance.