Tata Power acquires Bikaner-Neemrana Transmission Project to boost renewable energy evacuation in India
The acquisition will help Tata Power to boost renewable energy evacuation in India.
Tata Power has acquired the Bikaner-Neemrana Transmission Project through a bidding process, the company announced on Saturday, December 2, 2023. Bikaner-III Neemrana-II Transmission Ltd is a special purpose vehicle (SPV) set up by PFC Consulting, for the project.
According to a statement, the acquisition will help Tata Power to boost renewable energy evacuation in India.
The company received the letter of intent (LOI) after emerging as a successful bidder in the Tariff-Based Competitive Bidding (TBCB) process, as per the guidelines issued by the Ministry of Power, the statement said.
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The project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan.
The project entails the establishment of a 340-km transmission corridor from the Bikaner-III pooling station to the Neemrana II substation.
Tata Power will maintain the transmission project for 35 years. It is estimated to cost Rs 1,544 crore and is expected to be commissioned within 24 months from the date of transfer of the project SPV.
With PTI inputs