Power Grid Corporation of India Ltd (PGCIL) has completed the acquisition of a project SPV for which it was recently declared successful bidder, under the tariff-based competitive bidding mechanism.
In a stock exchange filing, PGCIL said that it has acquired “Bikaner II Bhiwadi Transco Ltd”, the project special purpose vehicle (SPV) to establish a transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan.
The project is part of the infrastructure being built to evacuate electricity from upcoming solar energy zones in Rajasthan, with 8.1 GW of aggregate installed capacity. Technically, the project SPV will be entrusted with Phase-II, Part F of the overall scheme.
Bikaner II Bhiwadi Transco Ltd (BBTL) will develop the project under the build, own, operate and maintain (BOOM) mode. PGCIL clinched the project on being selected as the lowest bidder, under the tariff-based competitive bidding (TBCB) route.
The project SPV was acquired by PGCIL from PFC Consulting Ltd (a wholly-owned subsidiary of Power Finance Corporation Ltd), the bid process coordinator. BBTL was incorporated on May 12, 2020.
Scope of works
BBTL will be responsible for set up a transmission system comprising a new 400kV switching substation, STATCOM, and substation extension works in Rajasthan. The scope also includes a new 400kV double-circuit transmission line traversing Rajasthan and Haryana. The project is an ISTS (interstate transmission system) scheme, and is scheduled for completion in 18 months.
PGCIL in Rajasthan
The Central PSU has so far won all the five TBCB projects awarded in 2021 so far. Interestingly, all these five projects are associated with setting up transmission schemes for evacuation of power from upcoming solar energy zones in Rajasthan.
The five project SPVs are as follows:
- Ramgarh New Transmission Ltd [Phase-II (Part A)]
- Fatehgarh Bhadla Transco Ltd [Phase-II (Part B)
- Sikar New Transmission Ltd [Phase-II (Part C)]
- Sikar-II Aligarh Transmission Ltd [Phase-II (Part D)]
- Bikaner-II Bhiwadi Transco Ltd [Phase-II (Part F)]
According to information available, PGCIL has yet to complete the acquisition of “Sikar-II Aligarh Transmission Ltd”, which it is expected to do soon.
(Featured photograph for illustration only)
