New Delhi: Power Finance Corporation Limited (PFC), a Maharatna CPSE under the Ministry of Power, has announced the incorporation of a new Special Purpose Vehicle (SPV), Raigad Power Transmission Limited, through its wholly owned subsidiary PFC Consulting Limited (PFCCL). The SPV has been established to execute preparatory activities for a major transmission project in Maharashtra.
The newly formed SPV will support the development of a 765/400/220 kV AIS substation at Kandalgaon in Raigad district, a project for which the Maharashtra State Electricity Transmission Company Limited (MSETCL) issued a Letter of Intent to PFCCL on August 14. PFCCL has been appointed as the Bid Process Coordinator (BPC) for selecting a Transmission Service Provider (TSP) through the Tariff-Based Competitive Bidding (TBCB) mechanism.
Under TBCB guidelines issued by the Ministry of Power, the BPC is responsible for preparing the project profile, initiating land acquisition, conducting surveys, and beginning the process for obtaining forest clearances, if required. To carry out these preparatory tasks, the creation of a dedicated SPV is mandatory.
PFC stated that, upon completion of the bidding process, the SPV will be transferred to the successful bidder, who will subsequently undertake the development of the transmission system.
The filing noted that the incorporation of Raigad Power Transmission Limited is in line with PFC’s ongoing role in facilitating competitive bidding for critical power transmission infrastructure across the country.
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