PFC arm incorporates SPV for Pune West transmission project in Maharashtra

New Delhi: Maharatna power PSU Power Finance Corporation Ltd (PFC) on Thursday said that its wholly owned subsidiary, PFC Consulting Limited, has incorporated a special purpose vehicle (SPV) named Pune West Power Transmission Limited for development of an intra-state transmission project in Maharashtra.

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In a regulatory filing to the stock exchnages on Friday, PFC informed that the SPV has been formed for the “Establishment of 765 kV GIS Pune West (District – Pune)” transmission project.

PFC said PFCCL has been appointed as the Bid Process Coordinator (BPC) by the Government of Maharashtra for selection of a transmission service provider through tariff-based competitive bidding (TBCB). The appointment was approved by the Empowered Committee in its meeting held on January 12, and notified by the Maharashtra government through a resolution dated February 27.

The company stated that under the Ministry of Power’s TBCB guidelines, the BPC is responsible for preparing the project profile and initiating activities such as land acquisition and forest clearance, wherever required. For carrying out these preparatory activities, an SPV is incorporated to undertake project surveys, prepare reports and facilitate statutory clearances.

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PFC further said that the SPV will eventually be transferred to the successful bidder selected through the international competitive bidding process in accordance with the Ministry of Power’s transmission service guidelines.

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