Closely following the acquisition of two project SPVs relating to power evacuation schemes for upcoming Rajasthan solar energy zones, Power Grid Corporation of India Ltd (PGCIL) has announced the acquisition one more such project SPV.
In a stock exchange filing, PGCIL said that it has completed the acquisition of “Sikar-II Aligarh Transmission Ltd” from bid process coordinator PFC Consulting Ltd. The project SPV was incorporated to establish the transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase-II (Part D).
PGCIL won this project under the tariff based competitive bidding (TBCB) route, and will develop the project on build, own, operate and maintain (BOOM) basis.
The transmission project, an interstate transmission system (ISTS) project, involves the setting up of a 765kV double-circuit line, as well as substation extension works in Rajasthan and Uttar Pradesh. The project is scheduled for completion in 18 months.
The project SPV “Sikar-II Aligarh Transmission Ltd” or SATL, was incorporated on May 17, 2020 by PFC Consulting Ltd. Upon the acquisition, SATL now becomes a wholly-owned subsidiary of PGCIL. The acquisition cost is estimated at around Rs.21.56 crore.
Next Step
As per the standard practice for TBCB projects, the next step for PGCIL would be to approach Central Electricity Regulatory Commission (CERC) for adoption of transmission charges, and then for grant of transmission licence.
Completes acquisition of all five schemes awarded
The overall scheme, officially known as “Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase-II” has several components, denoted as Part A, Part B, etc. Each part is to be developed by a project SPV, under the TBCB mode.
PGCIL has so far won the following five of these sub-components:
- 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)]
According to information available with T&D India, PGCIL has completed the acquisition of each of the five SPVs mentioned above. In at least one case, Ramgarh New Transmission Ltd, CERC has even approved and adopted the transmission charges.
