Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) has incorporated two wholly-owned subsidiaries that would act as special purpose vehicles for the development of two ISTS schemes to be awarded under the tariff-based competitive bidding (TBCB) route.
In a stock exchange filing, REC Ltd, the holding company of RECPDCL, said that the following two wholly-owned subsidiaries were incorporated on November 18, 2024.
- WRNES Talegaon Power Transmission Ltd
- Khavda V-B1B2 Power Transmission Ltd
The ISTS schemes corresponding to these two SPVs are:
SPV: WRNES Talegaon Power Transmission Ltd
Scheme: Network expansion scheme in Western Region to cater to pumped storage potential near Talegaon (Pune)
Location: Maharashtra
SPV: Khavda V-B1B2 Power Transmission Ltd
Scheme: Augmentation of transformation capacity at KPS1 (GIS) and KPS2 (GIS) (Phase-V Part B1 and Part B2 scheme)
Location: Gujarat
Both the schemes are currently under bidding and by current schedule, the last date for submitting technical and financial bids is December 20, 2024 and December 3, 2024.
As per the standard practice, RECPDCL will transfer these newly-incorporated subsidiaries to winning developers selected under the TBCB modality.
Project Rationale
The ISTS scheme under WRNES Talegaon Power Transmission Ltd aims to develop a new 765/400kV, 2×1,500 MVA GIS at a location near South of Kalamb (near Mumbai), along with associated lines. The scheme will facilitate supply of green energy to upcoming pumped storage plants in the Talegaon region. These include Tata Power’s Bhivpuri PSP (1,150 MW) and Shirawata PSP (1,980 MW). The overall scheme, with an estimated cost of Rs.1,663 crore, is targeted for completion by January 1, 2027 or 24 months from date of transfer of SPV, whichever is earlier.
The second scheme discussed above involves augmentation of transformation capacity at Khavda Pooling Station-1 (KPS1) and KPS2 in Gujarat. Both KPS1 (GIS) and KPS2 (GIS), located at Khavda in Gujarat, will be augmented by 1,500 MVA, each. This would help in fulfilling growing connectivity applications from RE developers in Khavda region. With an envisaged cost of Rs.466 crore, this scheme is scheduled for completion in 24 months from SPV transfer.
RECPDCL’s eight SPVs
In a board meeting on September 30, 2024, REC had approved the formation of eight SPVs as wholly-owned subsidiaries of RECPDCL, associated with ISTS-TBCB schemes. With the incorporation of the two SPVs discussed in this story, all the eight SPVs have now been incorporated.
Meanwhile, according to information available with T&D India, bid process coordinator PFC Consulting Ltd has at least eight ISTS-TBCB schemes currently under bidding, and for which project SPVs are pending incorporation.
