Tata Power to acquire Paradeep Transmission SPV from PFC Consulting

6 Aug 2024 , 10:09 AM

Tata Power received a Letter of Intent (LoI) from PFC Consulting to acquire Paradeep Transmission Ltd, a project-specific special purpose vehicle (SPV). PFC Consulting is a wholly-owned subsidiary of Power Finance Corporation.

The SPV will be developed on a build, own, operate, and transfer basis, providing transmission service for 35 years from the scheduled date of commercial operation. The commercial operation date is set for 24 months after the SPV acquisition.

The project involves constructing a 2 x 1,500 MVA, 190 km, 765 kV double circuit transmission line from the existing Angul substation to the proposed Paradeep substation in Odisha.

At the time of writing on August 06, 2024 at 10:02 pm, shares of Tata Power is trading at ₹445 which is a 2.40% gain than the previous close. Tata Power shares has witnessed a 91% gain in the last one year, and 34% gain since the beginning of the year.

Tata Power, an Indian electric utility and electricity generation company based in Mumbai, is part of the Tata Group. Tata Power has an installed electricity generation capacity of 14,707 MW, with 5,847 MW from non-conventional (green energy) sources and the rest from thermal energy, making it India’s largest integrated power company.

In February 2017, Tata Power became the first Indian company to ship over 1 GW of solar modules. Tata Power operates in India, Singapore, Indonesia, South Africa, Zambia, Georgia, Mauritius, and Bhutan, with its operations spread across 20 locations in India.