PFC Incorporates 5 SPVs for Evacuating Renewable Energy

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State-owned power sector lender Power Finance Corporation Ltd (PFC) has incorporated, via its arm PFC Consulting, five of the project-specific special purpose vehicle (SPV) companies.

These SPVs will facilitate the evacuation of renewable energy from the states of Andhra Pradesh and Rajasthan.

PFC said that “5 Special Purpose Vehicle (SPV) companies have been incorporated as wholly-owned subsidiaries of PFC Consulting Ltd, a wholly-owned subsidiary of Power Finance Corporation Ltd, for the development of transmission projects.”

PFC Consulting auctions these five transmission projects, which are allocated by the power ministry, and hands over the incorporated entities to the successful bidders for the development and operation.

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Further, the following five SPVs companies incorporated under the PFC Consulting was formed for the development of transmission scheme associated with:

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1). Bhadla Sikar Transmission Ltd – Transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase-II part – E.

2). Sikar-II Aligarh Transmission Ltd Ltd – Transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase-II part – D.

3). Khetri-Narela Transmission Ltd – Transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase-II part – G.

4). Bikaner-II Bhiwadi Transco Ltd – Transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase-II part – F.

5). Ananthapuram Kurnool Transmission Ltd – Transmission scheme for solar energy zone in Ananthapuram (Ananthapur) (2500 MW) and Kurnool (1000 MW), Andhra Pradesh.

In April this year, another NBFC REC Ltd had also incorporated seven project-specific special purpose vehicles (SPVs) to facilitate the evacuation of renewable energy from Maharashtra, Madhya Pradesh, Karnataka and Rajasthan.