PFC and REC form new SPVs for interstate transmission projects

Power Finance Corporation Ltd. (PFC) and REC Limited have announced the formation of new special purpose vehicles (SPVs) to advance key interstate power transmission projects.  

PFC Consulting Limited (PFCCL), a wholly owned subsidiary of PFC, has incorporated Alibag Power Transmission Limited to manage preliminary work for the “Establishment of 765/400/220 kV AIS Dolvi (Dist. Raigad)” transmission project in Maharashtra. The SPV’s creation follows a Letter of Intent from Maharashtra State Electricity Transmission Company Limited (MSETCL), which appointed PFCCL as the Bid Process Coordinator.

Separately, REC disclosed that its subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has formed two new entities—WR ER Part C Power Transmission Limited and WR ER Part A Power Transmission Limited. These companies were established following a Gazette Notification issued by the Ministry of Power, designating RECPDCL as the Bid Process Coordinator for the “WR-ER Inter-Regional Network Expansion Scheme- Part C” and “WR-ER Inter-Regional Network Expansion Scheme- Part-A.”

All three SPVs are newly incorporated with authorised capital and currently have no operational history. Their responsibilities include initiating project development activities such as land acquisition, statutory approvals, and other clearances before being handed over to the selected developers.