New Delhi: State-run REC Limited has transferred two of its subsidiaries — Fatehgarh Bhadla Transco Limited (FBTL) and Sikar New Transmission Limited (SNTL) — to Power Grid Corporation of India Ltd (PGCIL), the company said in a regulatory filing to the stock exchanges on Friday. The two projects will be used for the evacuation of solar power from solar energy zones in Rajasthan. After successful completion of the tariff-based competitive bidding process, Power Grid had emerged as the successful bidder for the said projects. With the transfer of shares between REC and Power Grid, Fatehgarh Bhadla Transco Limited and Sikar New Transmission Limited have now ceased to be REC subsidiaries.
"Accordingly, after receipt of consideration comprising of professional fee for bid process coordination and reimbursement of expenditure incurred on the project by RECPDCL, interest cost etc., the entire shareholding of FBTL and SNTL, comprising of 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on June 4, 2021 to Power Grid Corporation of India Limited," said REC in the filing.
Fatehgarh Bhadla Transco Limited, a special purpose vehicle (SPV), was incorporated for transmission system strengthening for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II, Part B. And Sikar New Transmission Limited, another SPV and subsidiary of RECPDCL, was incorporated for transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II, Part C.
Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (11.1 GW – 3 GW through intra state) under Phase II, includes evacuation of 1.05 GW in Bhadla complex, 2.2 GW in Fatehgarh complex, 1.9 GW in Ramgarh and 2.95 GW in Bikaner.
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