Tata Power wins transmission SPV, plans Rs 2,000 crore NCD issue

Tata Power has received a Letter of Intent from REC Power Development and Consultancy Limited (RECPDCL) for the acquisition of Jejuri Hinjevadi Power Transmission Limited, a project special purpose vehicle.

The project has been awarded on a Build-Own-Operate-Transfer basis. It involves the construction of around 115 km of a 400 kV double-circuit transmission line connecting Jejuri and Hinjevadi. The scope also includes the extension of substation bays at both ends.

The transmission service agreement has a tenure of 35 years from the Scheduled Commercial Operation Date. The Scheduled Commercial Operation Date is set at 24 months from the transfer of the SPV. Annual transmission charges for the project are valued at Rs 155.78 crore.

In a separate regulatory filing, Tata Power announced plans to raise Rs 2,000 crore through the private placement of unsecured, rated non-convertible debentures (NCDs). The issuance will comprise two series. Series I will have a maturity of three years, while Series II will have a maturity of five years. Both tenors will be calculated from the tentative allotment date of 19 December 2025.