Two wholly owned transmission SPVs incorporated for tariff-based bidding process
PFC Consulting Ltd, a wholly owned subsidiary of PFC, has incorporated two wholly owned SPV companies — Solapur SEZ Power Transmission Limited and Karur REZ Power Transmission Limited — to develop transmission schemes.
By ScoutQuest · · 2 min read
- SPVs Incorporated
- Solapur SEZ Power Transmission Limited and Karur REZ Power Transmission Limited
- Ownership Structure
- wholly owned subsidiaries of PFC Consulting Ltd, a wholly owned subsidiary of PFC
- Post-Bidding Transfer
- Both SPVs will be transferred to the successful bidder after the bidding process
What was announced
PFC has told the exchanges that two SPV (special purpose vehicle) companies have been incorporated as wholly owned subsidiaries of PFC Consulting Limited (PFCCL), which is itself a wholly owned subsidiary of PFC.
- Solapur SEZ Power Transmission Limited
- Karur REZ Power Transmission Limited
What each SPV is meant to develop
- Solapur SEZ Power Transmission Limited: transmission system for evacuation of power from renewable energy projects in Solapur SEZ (Phase-II: 2 GW), plus a network expansion scheme to enable drawl of power from Solapur PS.
- Karur REZ Power Transmission Limited: transmission system strengthening at Karur PS for integration of renewable energy generation capacity.
Why an SPV is created
PFCCL has been nominated as the Bid Process Coordinator (BPC) for selecting a developer through tariff based competitive bidding for independent transmission projects by the Ministry of Power. Under the tariff based competitive bidding guidelines, the BPC prepares the project profile and initiates the process of land acquisition and forest clearance, if required. An SPV is incorporated to carry out these preparatory activities, such as survey and preparation of reports, starting the land acquisition process and initiating the forest clearance process where needed.
What happens to the SPV
The SPV is to be transferred to the successful bidder selected through the international competitive bidding process under the tariff based competitive bidding guidelines. The successful bidder then develops the project.
Background
The Central Electricity Authority, Ministry of Power, intimated that the National Committee on Transmission has nominated PFCCL as the BPC for developing these transmission schemes through the tariff based competitive bidding process.
How to read this
This is a project-setup step: two project-specific companies have been created so that preparatory work on the transmission schemes can begin, with the developer to be chosen later through competitive bidding.
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More numbers
- Number of SPVs incorporated as wholly owned subsidiaries of PFCCLtwo
- Capacity covered under Solapur SEZ scheme (Phase-II)2 GW
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