AMP Capital to acquire Sterlite Power.

AMP Capital, a global investment manager, has established a 50/50 partnership with Sterlite Power Transmission for the development of energy transmission projects in India. This marks the first investment in India for AMP Capital’s global infrastructure equity strategy. AMP Capital and Sterlite Power will each invest an initial amount of approximately $150m in the development of four transmission projects, and have put in place debt financing, which represents a total capital outlay of around $1bn. “AMP Capital and Sterlite Power believe that this is a unique partnership bringing together operational and investment expertise to support the hitherto under-invested construction phase of power infrastructure in India. Our investment will create a pool of valuable transmission assets, with long-term contractual arrangements and a robust payment security framework, which are extremely attractive to yield-seeking investors," Sharat Goyal, AMP Capital Head of India, Infrastructure Equity.