Sterlite Power on Tuesday said it has acquired Lakadia-Vadodara Transmission Project, a green energy corridor project from PFC Consulting Ltd.
Earlier, the project was won by Sterlite Power. Now the special purpose vehicle incorporated for the execution of the project by PFC Consulting, has been formally acquired by Sterlite Power, a company statement said.
Power Finance Corporation arm PFC Consulting is the nodal agency for auctioning power transmission projects in the country.
Sterlite won this project through an e-reverse auction process under tariff-based competitive bidding process on July 16, 2019 and will execute it under the Build, Own, Operate and Maintain (BOOM) model for 35 years in Gujarat.
The project is aligned to enable the country's renewable energy target of installing 175 GW of renewable energy by 2022 and connects the wind energy zones of Bhuj in Gujarat to the load centres in Gujarat and Maharashtra, the statement added.
The project involves laying 350 kms of 765 kV double-circuit transmission line connecting 765/400 kV Lakadia substation to Vadodara substation in Gujarat, in a timeframe of 18 months.
"This is another resounding success for Sterlite Power. We are proud to be part of this energy-transition journey of the country and are fully geared to contribute to it with this and more such projects," Sterlite Power Managing Director Pratik Agarwal said.
With the acquisition of this project, the company has increased its domestic footprint in inter-state transmission projects to 22 states with a cumulative transmission line network of more than 9,000 ckms and 16,000 MVA transformation capacity.
This marks the 14th addition to our domestic project portfolio. The company has a strong presence in Brazil with a portfolio of 10 transmission projects, the statement said.