Bid process coordinator REC Power Distribution Company Ltd has transferred two power transmission-related project special purpose vehicles to successful bidder Power Grid Corporation of India Ltd (PGCIL).
The two SPVs in question are:
- Fatehgarh Bhadla Transco Ltd (FBTL)
- Sikar New Transmission Ltd (SNTL)
Both these SPVs were incorporated as wholly-owned subsidiaries of REC Power Distribution Company Ltd (RECPDCL), in turn, a wholly-owned subsidiary of REC Ltd.
The SPVs aim to set up transmission systems for evacuation of electricity from upcoming solar energy zones, worth 8.1 GW, in Rajasthan. Technically, the overall scheme is known as “Transmission Systems Strengthening Scheme for evacuation of power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II.” This scheme is divided into several parts denoted as “A”, “B”, “C”, etc.
The two aforementioned SPVs relate to “Part B” and “Part C”.
“After successful completion of tariff based competitive bidding process (TBCB) process and after receipt of consideration, the entire shareholding of FBTL and SNTL, comprising of 50,000 equity shares, presently held by RECPDCL has been transferred at par value along with all assets and liabilities on June 4, 2021 to PGCIL. Hence, with effect from the aforesaid date, the above SPVs cease to be subsidiaries of RECPDCL and REC,” the release from REC said.
So far, PGCIL has won five projects under the ““Transmission Systems Strengthening Scheme for evacuation of power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II.”
The project SPVs are:
- 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)]
T&D India has reliably learnt that some components of this overall scheme have been cancelled or put on hold. “Part E” and “Part G” are two cases in point.
(Featured photograph for representation only)
