Tata Power has marked its entry in the greenfield power development space, winning its first-ever project under the tariff-based competitive bidding (TBCB) process.
In a stock exchange notification, Tata Power formally announced that bid process coordinator PFC Consulting Ltd (PFCCL) has issued the letter of intent to Tata Power Company Ltd for developing an interstate transmission system (ISTS) scheme housed under project SPV “Bikaner III Neemrana II Transmission Ltd” and officially denoted as “Transmission system from Rajasthan REZ Phase-IV (Part 1) (Bikaner Complex): Part C.”
In due course, the project SPV, currently a wholly-owned subsidiary of PFCCL, will be transferred to Tata Power.
As already reported by T&D India, Tata Power had emerged L1 for this project with other contenders in the fray being Power Grid Corporation of India Ltd (PGCIL), Adani Energy Solutions Ltd and Sterlite Power.
Tata Power’s winning bid was Rs.162.659 crore, representing the annual levelized transmission charges payable during the 35-year concession period. The project, estimated to cost Rs.1,544 crore, has an implementation period of 24 months. measured from the date of project SPV transfer.
According to information available with T&D India, this is Tata Power first project won under actual bidding. Tata Power does have a portfolio of both interstate and intrastate transmission scheme, which were however acquired from their original owners. Further, Tata Power’s involvement in these schemes is through Tata Power’s joint venture “Resurgent Power Pte Ltd.”
It may be mentioned that Tata Power has also been declared L1 in one intrastate transmission scheme in Uttar Pradesh that will be developed under project SPV “Jalpura Khurja Power Transmission Ltd”
Fully awarded
With this project, the overall project “Transmission system from Rajasthan REZ Phase-IV (Part 1) (Bikaner Complex)” has now been fully awarded. The scheme, costing over Rs.13,400 crore has four TBCB-based components (Part A to Part D) and one RTM component that has been awarded to PGCIL. Here is a summary:
Featured photograph (source: Linxon) is for representation only.
