New Delhi: State-owned Power Finance Corporation (PFC) on Monday said that its wholly owned subsidiary, PFC Consulting Limited (PFCCL), has incorporated Satara Power Transmission Limited as a wholly owned subsidiary to facilitate the development of a transmission project in Maharashtra.

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As per the company, the newly incorporated special purpose vehicle (SPV) has been formed for the "Network Expansion Scheme in Western Region to cater to pumped storage potential near Satara (up to 4,500 MW) – Part A."

PFC said PFCCL has been nominated by the Ministry of Power as the Bid Process Coordinator (BPC) for selecting a developer for independent transmission projects through the tariff-based competitive bidding (TBCB) route. As part of its mandate, PFCCL is required to prepare the project profile and undertake preliminary activities such as land acquisition and obtaining forest clearances, where required.

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The company said an SPV is created to carry out preparatory work, including surveys, preparation of project reports, initiation of land acquisition and forest clearance processes, before being transferred to the successful bidder selected through the international competitive bidding process under the Ministry of Power's TBCB guidelines.

PFC also noted that the Ministry of Power, through a Gazette notification dated March 24, had appointed PFCCL as the Bid Process Coordinator for the selection of the transmission service provider for the project under the TBCB framework.

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