New Delhi: Power Finance Corporation Limited (PFC) has completed the transfer of two wholly owned subsidiaries of its consulting arm, PFC Consulting Limited (PFCCL), to successful bidders under the Tariff-Based Competitive Bidding (TBCB) process. The transfers, completed on August 3, 2026, involve two Special Purpose Vehicles (SPVs) established to develop transmission infrastructure for renewable energy zones (REZs).
According to a regulatory filing made with the BSE and NSE under the SEBI Listing Regulations, the two SPVs were transferred for a combined consideration of approximately ₹39.44 crore.
PFC Transfers Ananthpuram Transmission Ltd to Apraava Energy
The first SPV, Ananthpuram Transmission Limited, was incorporated to implement the Transmission System for Integration of Ananthapuram-III PS REZ Phase-I (3 GW).
Key details include:
- Transferred to: Apraava Energy Private Limited
- Transfer Value: ₹19,61,75,336 (approximately ₹19.62 crore)
- Transfer Date: August 3, 2026
The project aims to facilitate the evacuation of nearly 3 GW of renewable energy from the Ananthapuram-III Renewable Energy Zone in Andhra Pradesh.
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Krishnagiri REZ Transmission Ltd Transferred to Power Grid
The second SPV, Krishnagiri REZ Transmission Limited, has been transferred to Power Grid Corporation of India Limited (PGCIL).
The project details are:
- Transferred to: Power Grid Corporation of India Limited
- Transfer Value: ₹19,82,02,754 (approximately ₹19.82 crore)
- Transfer Date: August 3, 2026
Power Grid had received the Letter of Intent (LoI) for the Krishnagiri REZ transmission project on July 10, 2026, after emerging as the successful bidder under the TBCB process.
Ananthapuram Transmission Project: Scope and Infrastructure
The Ananthapuram-III PS REZ Phase-I transmission project will include:
- A pooling station near Urvakonda in Anantapur district, Andhra Pradesh
- A 765 kV double-circuit transmission line connecting to Krishnagiri
- A ±300 MVAR Static Synchronous Compensator (STATCOM)
The infrastructure is designed to integrate and evacuate approximately 3 GW of renewable energy from the Ananthapuram-III Renewable Energy Zone.
Apraava Energy secured the project after competing against several major infrastructure companies, including:
- Adani Energy Solutions
- Power Grid Corporation of India
- Dilip Buildcon
- Jakson Limited
- Resonia Limited
- G R Infraprojects
- Shivalaya Construction
The project will be implemented on a Build, Own, Operate and Transfer (BOOT) basis, with a scheduled commercial operation period of 36 months.
Krishnagiri REZ Project to Strengthen Renewable Energy Evacuation
The Krishnagiri REZ Phase-I transmission project includes significant transmission infrastructure across southern India.
Major components include:
- Two new 765/400 kV substations in Andhra Pradesh
- 765 kV and 400 kV transmission lines across Andhra Pradesh, Telangana, and Karnataka
- Associated transmission bays
- STATCOM systems for grid stability
The project is intended to facilitate the evacuation of renewable power generated in the Krishnagiri Renewable Energy Zone, supporting India’s clean energy expansion.
Transfer Completed Under Share Purchase Agreements
PFC stated that the sale and transfer of both Special Purpose Vehicles were completed on August 3, 2026, in accordance with their respective Share Purchase Agreements (SPAs).The company also noted that both SPVs had negligible turnover and net worth during the previous financial year and therefore did not materially impact PFC’s financial performance.
The transfer of project-specific SPVs to successful bidders is a standard practice under India’s Tariff-Based Competitive Bidding (TBCB) framework, where the winning developer acquires 100% equity in the SPV and executes the project.
About Power Finance Corporation (PFC)
Power Finance Corporation Limited (PFC) is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, Government of India. Established in 1986, PFC is one of India’s leading infrastructure finance companies, primarily providing financial assistance to the power sector, including generation, transmission, distribution, and renewable energy projects.
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