PFC Consulting Ltd (PFCCL) has incorporated special purpose vehicles (SPVs) for the development of two interstate transmission schemes that will be developed under the TBCB mode.
In a recent stock exchange filing, Power Finance Corporation Ltd, of which PFCCL is a wholly-owned subsidiary, said that PFCCL has incorporated the following two SPVs:
- Bikaner-III Neemrana Transmission Ltd
- Neemrana II Bareilly Transmission Ltd
These SPVs, incorporated as wholly-owned subsidiaries of PFCCL, will respectively be responsible for the development of the following two transmission schemes:
- Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1: Bikaner Complex) Part-A
- Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1: Bikaner Complex) Part-D
[REZ stands for Renewable Energy Zone]
PFCCL, in January 2023, was appointed as the bid process coordinator (BPC) for the development of the aforementioned projects.
PFCCL will now proceed to select developers for these projects using the tariff-based competitive bidding (TBCB) mode. The SPVs will be transferred to the developers, so selected.
The selected developer then proceeds to implement the transmission scheme in the BOOM (build, own, operate & maintain) mode under a typical concession period of 35 years, which is considered as the useful life of the project.
Also read: PFCCL Transfers Two Project SPVs To Adani Transmission
Role of BPC
Apart from the responsibility of selecting developers, the bid process coordinator (BPC), through the project SPV, also undertakes some pre-project responsibilities that would typically include preparing the project profile, initiating the process of land acquisition and forest clearance (if required).
For interstate transmission schemes (ISTS) whose developer is selected under the TBCB route, there are currently two BPCs – REC Power Development & Consultancy Ltd (RECPDCL) and PFC Consulting Ltd (PFCCL). These are, respectively, wholly-owned subsidiaries of REC Ltd and Power Finance Corporation Ltd (PFC). It may be noted that REC Ltd, in turn, is a subsidiary of PFC.
Apart from interstate schemes, RECPDCL and PFCCL are also known to have also acted as bid process coordinators for intrastate transmission schemes where selection of developers is done using the TBCB route.
Featured photograph (source: Sterlite Power) is for representation only
