Sterlite Power buys PFC Consulting's transmission SPV for undisclosed sum

Power transmission company Sterlite Power on Friday said it has acquired a transmission special purpose vehicle (SPV) from PFC Consulting for an undisclosed amount. The acquisition is part of a project win, which Sterlite bagged through competitive bidding. 

“Sterlite Power announced the acquisition of Vapi II North Lakhimpur Transmission (VNLTL), a Special Purpose Vehicle (SPV) from PFC Consulting,” the company said in its statement.  

PFC Consulting is a wholly-owned subsidiary of Power Finance Corporation for providing consultancy services. 

The statement added, Sterlite Power will execute a large inter-state transmission system (ISTS) project - Western Region Strengthening Scheme-XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme-IX (NERSS-IX), through this acquired SPV.

Sterlite won WRSS and NERSS through a tariff-based competitive bidding (TBCB) process, under the Build, Own, Operate and Maintain (BOOM) model for 35 years.

One of the three parts of the WRSS package includes setting up 179 ckm (circuit kilometres) of lines for critical system strengthening and decongesting the evacuation system in Navi Mumbai area, where energy requirements are expected to increase owing to Navi Mumbai Airport and Navi Mumbai SEZ, coming up in the region.

“Integrating renewable energy to the grid is the need of the hour. This single project with its various sub-elements brings in clean and green energy from solar, nuclear and hydro for people across the western and north eastern region in India,” said Pratik Agarwal, managing director for Sterlite Power. He further added, “It will play a key role in decongesting the Navi Mumbai transmission corridor while catering to the ever-growing needs of the financial capital Mumbai. Through such strategic projects, we are happy to be building the renewable energy lifeline for the country.”