Sterlite Power acquires Fatehgarh III Beawar Transmission from PFC

Sterlite Power on Wednesday said it has acquired Fatehgarh III Beawar Transmission, a special purpose vehicle, from PFC Consulting Limited.

PFC Consulting Limited (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation Limited under the Ministry of Power.

"Sterlite Power acquires Fatehgarh III Beawar Transmission Project in Rajasthan from PFC. The project was awarded to Sterlite Power through tariff-based competitive bidding process in March 2023," the company said in a statement.

Through the Fatehgarh III Beawar Transmission Limited special purpose vehicle (SPV), the company will set up a critical transmission project in Rajasthan on build-operate-transfer mode for 35 years.

The project will involve constructing a 350 kilometre, 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.

Sterlite Power Managing Director Pratik Agarwal said, "The development of green energy corridors is a critical part of India's nation building effort. These corridors will help the country achieve its renewable energy vision of 500 GW by 2030 with our unique capabilities and expertise."

The company did not disclose financial details of the acquisition.

Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with projects covering around 15,000 circuit km of transmission lines across India and Brazil.