PFC arm incorporates new SPV for development of NERGS-III Siang Basin transmission project

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) aimed at developing a key transmission project in the North-Eastern Region. The SPV, named NERGS III Siang Basin Transmission Limited, has been set up as a wholly owned subsidiary of PFC Consulting Limited (PFCCL), which is itself a wholly owned subsidiary of PFC.

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In a regulatory filing to the stock exchanges, PFC stated that the SPV has been created for the development of the “NERGS-III Siang Basin” transmission scheme.

The Ministry of Power had appointed PFCCL as the Bid Process Coordinator (BPC) for the selection of a Transmission Service Provider (TSP) to implement the project under the tariff-based-competitive bidding (TBCB) framework.

As per TBCB guidelines, the BPC is responsible for preparing the project profile and initiating key preparatory activities, including land acquisition and seeking forest clearances wherever necessary. For this purpose, incorporation of an SPV is mandatory to undertake activities such as surveys, project reports, and coordination of statutory processes.

PFC further clarified that the newly formed SPV will be transferred to the successful bidder selected through the international competitive bidding process. The selected bidder will subsequently be responsible for executing and operating the transmission project.

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