New Delhi: Power Finance Corporation Limited has transferred two Special Purpose Vehicles (SPVs) of its wholly owned subsidiary PFC Consulting Limited to successful bidders for a combined consideration of over ₹36 crore. The transactions were completed on May 29 following a tariff-based competitive bidding process for interstate transmission projects.
The move is part of ongoing efforts to strengthen India’s power transmission infrastructure and support renewable energy integration.
Tumkur II RE Transmission SPV Transferred to Power Grid
The first SPV, Tumkur II RE Transmission Limited, was created for the “Transmission System Strengthening at Tumkur-II for Integration of Additional RE Potential (1.5 GW)” project.
Key details:
- Transferred to Power Grid Corporation of India Limited
- Transaction value: ₹15.46 crore
- Completed under a Share Purchase Agreement
The project is aimed at improving transmission capacity for renewable energy integration in the Tumkur region.
Kurnool IV REZ Transmission SPV Sold to Resonia Limited
The second SPV, Kurnool IV REZ Power Transmission Limited, was established for the “Transmission System for Kurnool-IV REZ – Phase-II (3 GW)” project.
Key details:
- Transferred to Resonia Limited (formerly Sterlite Grid 32 Limited)
- Deal value: ₹20.93 crore
The project will support large-scale renewable energy evacuation from the Kurnool Renewable Energy Zone.
Regulatory Compliance and Financial Impact
PFC stated that both transactions:
- Do not qualify as related party transactions
- Are not in the nature of slump sale
- Were executed as per Ministry of Power guidelines
The company also clarified that the SPVs had minimal impact on its overall turnover, revenue, income, and net worth in the previous financial year.
Officials said the structured bidding process ensures transparency and efficiency in infrastructure asset monetization.
Strengthening India’s Power Transmission Ecosystem
The SPV transfers are part of a broader strategy to accelerate the development of interstate transmission systems, especially for renewable energy corridors. These projects are expected to enhance grid reliability and support India’s clean energy transition.
About Power Finance Corporation
Power Finance Corporation Limited (PFC) is a leading public financial institution under the Government of India, primarily engaged in financing the power sector. It plays a crucial role in supporting infrastructure development, funding generation and transmission projects, and ensuring financial stability in India’s energy ecosystem.
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