Sterlite Power announced that they had acquired Fatehgarh III Beawar Transmission Project, a special purpose vehicle, from PFC Consulting. It was stated that PFC Consulting (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation Limited under the Ministry of Power.
According to the company's statement, Sterlite Power had acquired the Fatehgarh III Beawar Transmission Project in Rajasthan from PFC through a tariff-based competitive bidding process in March 2023.
Sterlite Power would be establishing a critical transmission project in Rajasthan using the Fatehgarh III Beawar Transmission Limited special purpose vehicle (SPV) in build-operate-transfer mode for 35 years.
The project's scope involved the construction of a 350-kilometer, 765kV transmission corridor connecting Fatehgarh III to Beawar in Rajasthan. The primary objective was to facilitate the evacuation of a portion 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.
Pratik Agarwal, the Managing Director of Sterlite Power, stated that the development of green energy corridors played a crucial role in India's nation-building efforts. He mentioned that with Sterlite Power's unique capabilities and expertise, these corridors would contribute to achieving the country's renewable energy vision of 500 GW by 2030.
As for the financial details of the acquisition, the company did not disclose them.
Sterlite Power, known for being a leading private sector power transmission infrastructure developer and solutions provider, has undertaken projects that span approximately 15,000 circuit kilometers of transmission lines across India and Brazil.
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