Sterlite Power acquires Fatehgarh III Beawar transmission project from PFC
1 min read 02 Aug 2023, 02:36 PM ISTThe project was awarded to Sterlite Power through the tariff based competitive bidding process in March 2023
PremiumNew Delhi: Power transmission developer Sterlite Power on Wednesday said it has successfully acquired Fatehgarh III Beawar Transmission Limited, a special purpose vehicle (SPV) from PFC Consulting Limited (PFCCL).
PFCCL is a wholly owned subsidiary of Power Finance Corporation Limited (PFC), a maharatna company. The project was awarded to Sterlite Power through the tariff based competitive bidding (TBCB) process in March 2023. Under this acquisition, Sterlite Power will undertake the construction, ownership, operation, and transfer of a critical transmission project in Rajasthan for a substantial duration of 35 years.
The project will involve construction of a 350km, 765kV transmission corridor from Fatehgarh III to Beawar in Rajasthan.
“It will enable evacuation of a part of 20 GW of renewable power from Renewable Energy Zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh (2.9 GW) areas of the state," the company said in a press release.
Pratik Agarwal, managing director, Sterlite Power said, “The development of green energy corridors is a critical part of India’s nation building effort. These corridors will help India achieve its renewable energy vision of 500 GW by 2030. With our unique capabilities and expertise, Sterlite Power is committed to contributing to this mega effort."
This will be Sterlite Power’s 18th power transmission project in India under the TBCB mode.
