New Delhi: State-owned REC Limited on Wednesday said its arm has transferred Davanagere Power Transmission, a project special purpose vehicle (SPV), to Power Grid Corporation of India.
Power Grid emerged as the top bidder as the transmission service provider through the tariff-based competitive bidding (TBCB) process conducted by REC Power Development and Consultancy Ltd (RECPDCL), the bid process coordinator, for development of the transmission project on a Build, Own, Operate & Transfer (BOOT) basis, according to a statement.
RECPDCL, a wholly owned subsidiary of REC Limited, the Maharatna CPSU under the Power Ministry and an NBFC, handed over a project-specific SPV of ISTS Transmission Project under TBCB route, viz, Davanagere Power Transmission Ltd to Power Grid Corporation of India Ltd on Wednesday.
The implementation period of the project is 24 months.
The SPV was handed over by T.S.C. Bosh, CEO of RECPDCL, to Arup Kumar Samanta, senior DGM, Company Secretariat, Power Grid Corporation of India, in the presence of senior officials of RECPDCL, Power Grid Corporation of India and Central Transmission Utility of India Ltd.
The scheme covers augmentation of transformation capacity at Davanagere PS by 1x1500 MVA 765/400 kV ICT & 4x500 MVA 400/220 kV ICTs, along with 220 kV line bays.
The estimated cost of the project is around Rs 366.26 crore.
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