Torrent Power Successfully Bids For 1500 MW RE Projects In Solapur

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Power company, Torrent Group recently announced that it received a letter of Intent from PFC Consulting Limited for the establishment of an inter-state transmission scheme for the project in Maharashtra. Torrent Power Limited has emerged as the successful bidder and has received a Letter of Intent from PFC Consulting Limited for the establishment of an inter-state transmission scheme “Transmission System for Evacuation of Power from RE Projects in Solapur (1,500 MW) SEZ in Maharashtra” under Tariff Based Competitive Bidding (TBCB) Process.

The project was conceived to evacuate renewable energy with a capacity of 1,500 MW from Solapur and entails the setting up of a transmission line of approx. 44 km from the existing Solapur substation of PGCIL to the Solapur substation (to be established by Torrent Power).

In due course, PFC Consulting Limited will transfer the project Special Purpose Vehicle (SPV) to Torrent Power. While Torrent Power owns and operates Transmission projects; the award of this project marks Torrent Power’s entrance into the development of Transmission projects under the Tariff Based Competitive Bidding Process (TBCB) framework.

The project was undertaken by Torrent Power for Rs 25,694 crore and it has an integrated power utility of Rs 37,600 crore. The project was for a transmission system that will evacuate power from RE projects in Solapur (1500 MW) SEZ in Maharashtra through Tariff Based Competitive Bidding Process (TBCB). It has an annual transmission charge of 500 million. It’s a BOOT project. The letter mentioned that the scheduled COD of the project is 24 months, and the operation period is 35 years.