Tata Power gets LoI to acquire special-purpose-vehicle in Odisha

economictimes.indiatimes.com:

Tata Power Co. Ltd Monday said it has received a letter of intent (LoI) from PFC Consulting, the wholly-owned subsidiary of state-run Power Finance Corporation, for acquiring a project specific special-purpose vehicle.

In a regulatory filing, the Tata group company said the LoI is for acquiring Paradeep Transmission Ltd in Odisha.

«The SPV would be developed on a build, own, operate, and transfer basis, to provide transmission service for 35 years from the scheduled date of commercial operation,» the company said. It did not disclose financial details.

Tata Power said the date of commercial operation is effective 24 months from acquiring the SPV.


The scope of the project involves constructing 2x1,500 MVA (megavolt ampere), 190 km of 765 kV (kilovolt) double circuit transmission line from the current Angul substation to the proposed substation at Paradeep in Odisha, among other project-related work.