PFC transfers two transmission SPVs to Apraava Energy and PGCIL
Power Finance Corporation Limited (PFC), through its wholly owned subsidiary PFC Consulting Limited (PFCCL), has completed the transfer of two project-specific special purpose vehicles (SPVs) to the successful bidders for interstate transmission projects being developed under the tariff-based competitive bidding (TBCB) framework.
The transfers of Ananthpuram Transmission Limited and Krishnagiri REZ Transmission Limited were completed on August 3, 2026.
SPV transfers
Ananthpuram Transmission Limited, incorporated for the “Transmission System for Integration of Ananthapuram-III PS REZ Phase-I (3 GW),” has been transferred to Apraava Energy Private Limited for a consideration of Rs 19.61 crore under the Share Purchase Agreement.
Krishnagiri REZ Transmission Limited, established for the “Transmission System for integration of Krishnagiri REZ Phase-I,” has been transferred to Power Grid Corporation of India Limited (PGCIL) for Rs 19.82 crore.
Project details
The Krishnagiri REZ transmission project was awarded to PGCIL after the company received the Letter of Intent (LoI) for the project on July 10, 2026.
The Krishnagiri REZ transmission project, for which PGCIL received the Letter of Intent (LoI) on July 10, 2026, involves two new 765/400 kV substations in Andhra Pradesh, 765 kV and 400 kV transmission lines across Andhra Pradesh, Telangana and Karnataka, associated transmission bays, and Static Synchronous Compensator (STATCOM) systems to evacuate renewable energy from the Krishnagiri Renewable Energy Zone (REZ). Meanwhile, the Ananthapuram-III PS REZ Phase-I project awarded to Apraava Energy comprises a pooling station near Urvakonda in Andhra Pradesh’s Anantapur district, a 765 kV double-circuit transmission line to Krishnagiri and a ±300 MVAR STATCOM to integrate and evacuate around 3 GW of renewable energy from the Ananthapuram-III REZ.
Apraava Energy emerged as the successful bidder for the project after competing with Adani Energy Solutions, Dilip Buildcon, Jakson Limited, PGCIL, Resonia Limited, G R Infraprojects and Shivalaya Construction in the TBCB process. The successful bidder acquires 100% equity in the SPV and will implement the project on a build, own, operate and transfer (BOOT) basis. The scheduled commercial operation period is 36 months.
The featured photograph is for representation only.
