The entire shareholding of REC Transmission Projects Co Ltd (a wholly-owned subsidiary of Rural Electrification Corporation) in Jawaharpur Firozabad Transmission Ltd comprising of 50,000 equity shares have been transferred along with all its assets and liabilities on December 21, 2018, to Power Grid Corporation of India Ltd
PGCIL is the successful bidder selected through tariff-based competitive bidding process, for evacuation of power from the 2×660-mw Jawaharpur thermal power project in Uttar Pradesh and construction of a 400kV substation at Firozabad along with associated transmission lines. Accordingly, the aforementioned project-specific SPV ceases to be a subsidiary of RECTPCL or REC.
It may be recalled that last month Power Grid Corporation of India Ltd debuted in the intrastate power transmission space, under the tariff-based competitive bidding (TBCB) mechanism.
In a regulatory filing, PGCIL said that it has been declared as the successful bidder to establish the transmission system associated with the 2×660-mw Jawaharpur thermal power project in Uttar Pradesh. The letter of intent was handed over to PGCIL on December 5, 2018.
The project special purpose vehicle “Jawaharpur Firozabad Transmission Ltd,” was incorporated on August 20, 2018, as a wholly-owned subsidiary of REC Transmission Projects Company Ltd.
This SPV has now been transferred to the successful bidder (PGCIL, in this case) who will develop the project on build, own, operate, maintain (BOOM) basis under a 35-year concession period.
The transmission scheme comprises of three broad elements:
The project will also include some more LILOs and a 132kV double-circuit line connecting the upcoming Firozabad substation to Narkhi.
The 2×660-mw Jawaharpur thermal power project is coming up at Malawan village in Etah district of Uttar Pradesh. The coal-fired power plant will be developed by Jawaharpur Vidyut Utpadan Nigam Ltd, a wholly-owned subsidiary of state power generation utility Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd.
(Featured image is for representation only)