State-owned Power Finance Corporation (PFC) announced the incorporation of a Special Purpose Vehicle (SPV) by its arm, PFC Consulting Ltd. (PFCCL), to develop an advanced electricity transmission system.
According to a regulatory filing, the SPV, Mundra I Transmission Ltd, aims to supply power to facilitate the green hydrogen and ammonia manufacturing potential in the Mundra area of Gujarat.
PFCCL has been designated as the Bid Process Coordinator to oversee the selection of a Transmission Service Provider (TSP) through a tariff-based competitive bidding process.
The newly incorporated SPV, a wholly owned subsidiary of PFCCL, will manage the initial phases of the transmission project. Once the bidding process is complete, the SPV will be transferred to the successful bidder, who will take over the development and execution of the project.
This initiative is a significant step toward enabling the energy infrastructure needed for India’s growing green hydrogen economy, aligning with the nation’s sustainability and energy transition goals.
