Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) has handed over project special purpose vehicle “Neemuch Transmission Ltd” to Power Grid Corporation of India Ltd (PGCIL), the successful developer.
PGCIL was selected as the developer under the tariff-based competitive bidding (TBCB) route. The SPV handover took place on August 24, 2022.
The SPV has been handed over by R. Lakshmanan, CEO, RECPDCL and T.S.C. Bosh, ED & Jt. CEO, RECPDCL to A K Singhal, Executive Director, PGCIL, a statement by REC said.
The scope of work involves setting up of a 2×500-MVA, 400/220kV AIS pooling station at Neemuch in the namesake district of Madhya Pradesh. The interstate transmission system (ISTS) project, envisaged for completion within 18 months, also entails the laying of 277 km of 400kV double-circuit transmission lines across Rajasthan and Madhya Pradesh.
According to information available from PGCIL, the SPV was acquired for a consideration of Rs.17.23 crore. However, the final acquisition price is subject to adjustments as per the audited accounts of Neemuch Transmission Ltd.
Post-acquisition, Neemuch Transmission Ltd will proceed to apply for grant of transmission licence and adoption of tariff, to Central Electricity Regulatory Commission (CERC).
With the handing over of this SPV, RECPDCL (a wholly-owned subsidiary of REC Ltd) has so far transferred 40 project SPVs, with a total project investment of Rs.54,300 crore, to successful developers.
As of July 31, 2022, PGCIL had eight ISTS schemes, won under the TBCB mode, under construction. As of the given date, PGCIL had commissioned 13 such schemes. The project SPVs of some of these were sold to Power Grid Investment Infrastructure Ltd (PGInvIT).
