Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) has transferred to project special purpose vehicles (SPV) for the development of as many interstate transmission system (ISTS) projects to their winning developers – Adani Energy Solutions Ltd (AESL) and Sterlite Power, respectively – selected under the tariff-based competitive bidding (TBCB) mechanism.
Here are details on the two transfers, both of which were made on August 30, 2024.
Project SPV: Khavda IV A Power Transmission Ltd
Selected bidder: Adani Energy Solutions Ltd
Scheme: Transmission system for Khavda Phase IV (7 GW) – Part A
Location: Gujarat
Project Cost (estimated): Rs.4,091 crore
Gestation period: 24 months
Project details: Construction of 310.31 km of 765kV line, creation of 765kV and 400kV bus sections at KPS3 (Khavda Pooling Station – 3) GIS substation and associated works.
Other contender(s): Power Grid Corporation of India Ltd (PGCIL)
Project SPV: Khavda IV C Power Transmission Ltd
Selected bidder: Sterlite Power
Scheme: Transmission system for Khavda Phase IV (7 GW) – Part C
Location: Gujarat, Maharashtra
Project Cost (estimated): Rs.5,340 crore
Gestation period: 24 months
Project details: Construction of 765/400kV, 4×1500 MVA and 400/220kV, 2×500 MVA Boisar-II (GIS) substation, 257.29 km of 765kV line and 20.725 km of 400kV line
Other contender(s): PGCIL and AESL
Both the projects will be developed on build, own, operate & transfer (BOOT) basis with a concession period of 35 years.
The SPVs, which were incorporated as wholly-owned subsidiaries of RECPDCL, were handed over by T.S.C. Bosh, CEO, RECPDCL to Sanjay Johari, Vice President, Adani Energy Solutions Ltd and Tatimakula Amarendranath Reddy, Executive Vice President, Sterlite Power, in the presence of senior officials of RECPDCL, AESL, Sterlite Power and Central Transmission Utility of India Ltd. (See photograph)
ISTS-TBCB in FY25
According to information available with T&D India, for both AESL and Sterlite Power, this is the first ISTS-TBCB win in the current fiscal year FY25 so far. Further, a total of 12 ISTS-TBCB schemes have been formally transferred to successful bidders in FY25 so far (April 1, 2024 to August 30, 2024) with PGCIL being the most successful with six wins.
Also read: RECPDCL incorporates SPV for RE evacuation scheme in Rajasthan
