Tata Power acquires Bikaner Transmission renewable energy project for Rs 1,544 crore from PFC

Renewable energy project Bikaner-III Neemrana-II Transmission was won by Tata Power Ltd., who announced the acquisition for around Rs 1,544 crore.

The energy project is being managed by PFC Consulting Limited, a subsidiary of Power Finance Corporation, under a special purpose vehicle (SPV). An SPV, sometimes known as a SPE, is a wholly owned subsidiary that a parent business establishes to shield itself from financial risk.

The transmission project is set to move 7.7 GW of renewable energy from Rajasthan's Bikaner Complex, and it will be built, owned, operated, and transferred (BOOT) in a manner that makes it easy to move the power. "The project involves the establishment of a 340 kilometers transmission corridor from Bikaner-III pooling station to Neemrana II substation," the business stated in an exchange filing.

During its 35-year lifespan, the transmission project will be maintained by Tata Power. Commissioning of the project is anticipated to take place no later than 24 months after the date of project SPV transfer.

The project will be an integral part of the Ministry of Power's 2022 program, according to the firm, which will be operational after commissioning. Incorporating more than 500 GW of renewable energy capacity into the national grid by 2030 is the target of this roadmap.

In a recent development, the company's subsidiary, Tata Power Renewable Energy Limited (TPREL), was given the task of creating a 200 MW FDRE project in collaboration with SJVN.  An optimal hybrid configuration with adequately sized solar, wind, and battery storage components has been meticulously incorporated into the plant's architecture.

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