New Delhi: Power Finance Corporation Limited (PFC), a Maharatna CPSE under the Ministry of Power, has announced the formation of a new Special Purpose Vehicle (SPV) aimed at executing a major transmission project in India’s North-Eastern Region. The SPV, named NERGS III Siang Basin Transmission Limited, has been incorporated as a wholly owned subsidiary of PFC Consulting Limited (PFCCL), which in turn is fully owned by PFC.
Purpose of the New SPV
The SPV has been set up specifically for the “NERGS-III Siang Basin” transmission scheme, an important project under the tariff-based competitive bidding (TBCB) framework. The Ministry of Power had appointed PFCCL as the Bid Process Coordinator (BPC) for selecting a Transmission Service Provider (TSP) to implement the project.
Role of the Bid Process Coordinator (BPC)
As per TBCB guidelines, the BPC is responsible for:
- Preparing the project profile
- Initiating key preparatory activities, including land acquisition
- Seeking necessary forest and environmental clearances
The incorporation of the SPV is a mandatory step for undertaking these preparatory works, including surveys, project reports, and statutory coordination.
Future Transfer to Selected Bidder
PFC clarified that once the international competitive bidding process is completed, the newly formed SPV will be transferred to the successful bidder, who will then be responsible for executing and operating the transmission project. This approach ensures streamlined project implementation and adherence to regulatory requirements.
About Power Finance Corporation (PFC)
Power Finance Corporation Limited (PFC) is a Maharatna public sector enterprise under the Ministry of Power, primarily engaged in financing and facilitating power sector projects across India. PFC plays a pivotal role in supporting generation, transmission, and distribution projects, promoting infrastructure development, and enabling the country’s energy security and growth initiatives.
