Sterlite Power acquires VNLTL SPV from PFC Consulting
Transmission solutions provider Sterlite Power has acquired Vapi II North Lakhimpur Transmission Limited, a special purpose vehicle, from PFC Consulting.
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India, New Delhi: Transmission solutions provider Sterlite Power has acquired Vapi II North Lakhimpur Transmission Limited (VNLTL), a special purpose vehicle, from state-owned PFC Consulting.
The company, however, did not disclose the deal value.
PFC Consulting Ltd (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation (PFC), the non-banking finance company under the Ministry of Power.
Through this SPV, the company will execute a large inter-state transmission system project – Western Region Strengthening Scheme-XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme-IX (NERSS-IX), won through a tariff-based competitive bidding process, under the build, own, operate and maintain model for 35 years.
The WRSS-XIX, Sterlite Power said, involves setting up of 318 ckm of lines and 1,000 MVA transformation capacity across three distinct parts.
Part A involves setting up 35 ckm lines in Gujarat to help distribute renewable energy being generated in the state to a wider set of consumers.
Part B aims to establish a 1,000 MVA substation in Vapi along with 51 ckm of lines to bring clean nuclear power from Kakrapar Atomic Power Plant in Gujarat for further distribution across the Union Territories of Daman, Diu and Dadra Nagar Haveli.
The third part C aims to set up 179 ckm of lines for critical system strengthening and decongesting the evacuation system in Navi Mumbai area.
The link brings an inter-state transmission system feed of about 1,000 MW into the Mumbai region to cater to its growing energy requirements which is expected to increase owing to Navi Mumbai Airport and Navi Mumbai special economic zone, coming up in the region, the company said.
Source: Economic Times