Mumbai, 2 August 2023: Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced the acquisition of 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 Public Sector Enterprise. The project was awarded to Sterlite Power through Tariff Based Competitive Bidding (TBCB) process in March 2023. Through the Fatehgarh III Beawar Transmission Limited SPV, the company will build, own, operate, and transfer, a critical transmission project in Rajasthan for a period 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.
Commenting on the project milestone, 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 Tariff-Based Competitive Bidding (TBCB) mode.
