PFC Consulting Ltd (PFCCL) has transferred two special purpose vehicles (SPVs) related to interstate transmission system (ISTS) schemes to Power Grid Corporation of India Ltd (PGCIL), the winning developer under the tariff-based competitive bidding (TBCB) mechanism. The formal transfer was completed on August 22, 2024, as confirmed by a stock exchange filing from Power Finance Corporation Ltd, the parent company of PFCCL.
The first SPV, Sirohi Transmission Ltd, is linked to the transmission system for evacuating power from the Rajasthan Renewable Energy Zone (REZ) Phase-IV (Part 2: 5.5 GW) in the Jaisalmer/Barmer Complex. The project involves establishing a new 765/400 kV substation near Sirohi in Rajasthan, along with the construction of 765kV and 400kV double-circuit transmission lines and associated bay extension works at existing substations in Chittorgarh and Fatehgarh-IV.
The second SPV, Beawar-Mandsaur Transmission Ltd, is associated with the transmission system for evacuating power from the same Rajasthan REZ, but under Part D of the scheme. This project will establish a 765kV double-circuit transmission line and related bay extension works at substations in Beawar, Rajasthan, and Mandsaur, Madhya Pradesh.
These two projects are expected to cost approximately Rs 55 billion, according to estimates by the National Committee on Transmission (NCT), with each project having a gestation period of 24 months. PGCIL received the letter of intent from PFCCL for these projects on May 9, 2024.