PFC Consulting Ltd (PFCCL), on October 15, 2024, transferred four project special purpose vehicles for development of interstate transmission system (ISTS) schemes, to their respective winning developers, selected under the tariff-based competitive bidding (TBCB) route.
PFCCL was acting as the bid process coordinator (BPC) for these four schemes and had incorporated these project SPVs as its wholly-owned subsidiaries. These SPVs have now been transferred to selected bidders – Power Grid Corporation of India Ltd (PGCIL) and Adani Energy Solutions Ltd (AESL). These winning developers have won two schemes each.
Here are the broad details:
Project SPV: South Olpad Transmission Ltd
Date of incorporation: January 19, 2024
Name of ISTS scheme: Transmission system for evacuation of power from potential RE zone in Khavda area of Gujarat under Phase IV (7 GW), Part B
Selected bidder: Power Grid Corporation of India Ltd (PGCIL)
Date of SPV transfer: October 15, 2024
Other contenders: Adani Energy Solutions Ltd, Sterlite Power
Estimated project cost: Rs.4,766 crore
Project location: Gujarat
Project SPV: Jam Khambhaliya Transmission Ltd
Date of incorporation: July 1, 2024
Name of ISTS scheme: Augmentation of transformation capacity at Jam Khambhaliya PS (GIS)
Selected bidder: Power Grid Corporation of India Ltd (PGCIL)
Date of SPV transfer: October 15, 2024
Other contenders: Adani Energy Solutions Ltd
Estimated project cost: Rs.310 crore
Project location: Gujarat
Project SPV: Jamnagar Transmission Ltd
Date of incorporation: February 6, 2024
Name of ISTS scheme: Network expansion in Gujarat for drawl of 3.6 GW load under Phase-I in Jamnagar area
Selected bidder: Adani Energy Solutions Ltd
Date of SPV transfer: October 14, 2024
Other contenders: PGCIL, Sterlite Power, Reliance Industries
Estimated project cost: Rs.3,815 crore
Project location: Gujarat
Project SPV: Navinal Transmission Ltd
Date of incorporation: April 4, 2024
Name of ISTS scheme: Network expansion scheme in Navinal (Mundra) area of Gujarat for drawl of power in the area
Selected bidder: Adani Energy Solutions Ltd
Date of SPV transfer: October 14, 2024
Other contenders: PGCIL, Sterlite Power
Estimated project cost: Rs.2,383 crore
Project location: Gujarat
All the four projects will be developed on build, own, operate & transfer (BOOT) basis with a concession period of 35 years.
It may be mentioned that on October 15, 2024, REC Power Development & Consultancy Ltd (RECPDCL) formally transferred “Rajasthan IV H1 Power Transmission Ltd” to winning bidder PGCIL. (Read more)
For Adani Energy Solutions, this is the third formal ISTS-TBCB win in FY25 so far. Prior to the two schemes discussed in this story, AESL was formally handed over “Khavda IV A Power Transmission Ltd” by bid process coordinator RECPDCL, on August 30, 2024. These three projects have augmented AESL’s overall power transmission portfolio by more than 2,000 ckm. (Read more)
Featured photograph is for representation only
