Bid process coordinator PFC Consulting Ltd (PFCCL) has transferred two project special purpose vehicles related to interstate transmission system (ISTS) schemes to Power Grid Corporation of India Ltd (PGCIL) – the winning developer under the tariff-based competitive bidding (TBCB) mechanism.
In a stock exchange filing, Power Finance Corporation Ltd, the holding company of PFCCL, said that it the formal transfer of the two SPVs, which were incorporated as wholly-owned subsidiaries of PFCCL, was completed on August 22, 2024.
Here are details of the two cases:
Project SPV: Sirohi Transmission Ltd
ISTS Scheme: Transmission system for evacuation of power from Rajasthan REZ Phase-IV (Part 2: 5.5 GW) (Jaisalmer/Barmer Complex) Part B
Location: Rajasthan
Project scope: Establishment of new 765/400 kV substation near Sirohi in Rajasthan, 765kV and 400kV double-circuit transmission lines and associated bays extension works at existing substations (Chittorgarh and Fatehgarh-IV) in Rajasthan.
Project SPV: Beawar-Mandsaur Transmission Ltd
ISTS Scheme: Transmission system for evacuation of power from Rajasthan REZ Phase-IV (Part 2: 5.5 GW) (Jaisalmer/Barmer Complex) Part D
Location: Rajasthan and Madhya Pradesh
Project scope: Establishment of 765kV double-circuit transmission line and associated bay extension works at existing substations in Rajasthan (Beawar) and Madhya Pradesh (Mandsaur)
The two schemes are together expected to cost around Rs.5,500 crore, according to cost estimates made by National Committee on Transmission (NCT). Each scheme will have a gestation period of 24 months.
According to information available with T&D India, PGCIL had received the letter of intent from PFCCL for development of these two schemes on May 9, 2024. There has therefore been a time lapse of nearly three and a half months in the formal transfer of SPVs. As per the standard bid documents, the transfer of SPV needs to take place within ten days of receiving the letter of intent.
Also read: PFCCL incorporates three project SPVs for ISTS-TBCB schemes
ISTS-TBCB in FY25
During the current fiscal year so far (up to August 22, 2024), a total of nine ISTS-TBCB schemes have been formally transferred to successful developers, according to T&D India estimates, with PGCIL landing a predominant majority.
