New Delhi, 2nd August 2023: Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced the acquisition of Fatehgarh III Beawar Transmission Limited, a Special Purpose Vehicle (SPV) from PFC Consulting Limited (PFCCL).
PFCCL is a wholly owned subsidiary of Power Finance Corporation Limited (PFC), a Maharatna Public Sector Enterprise. The project was awarded to Sterlite Power through Tariff Based Competitive Bidding (TBCB) process in March 2023. Through the Fatehgarh III Beawar Transmission Limited SPV, the company will build, own, operate, and transfer, a critical transmission project in Rajasthan for a period of 35 years.
The project will involve construction of a 350km, 765kV transmission corridor from Fatehgarh III to Beawar in Rajasthan. It will enable evacuation of a part of 20 GW of renewable power from Renewable Energy Zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh (2.9 GW) areas of the state.
Commenting on the project milestone, Pratik Agarwal, Managing Director, Sterlite Power said, “The development of green energy corridors is a critical part of India’s nation building effort. These corridors will help India achieve its renewable energy vision of 500 GW by 2030. With our unique capabilities and expertise, Sterlite Power is committed to contributing to this mega effort.”
This will be Sterlite Power’s 18th power transmission project in India under the Tariff-Based Competitive Bidding (TBCB) mode.
About Sterlite Power:
Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 31 (completed, sold as well as under construction) projects covering approximately 15,000 circuit Kms of transmission lines across India and Brazil.
As part of the Solutions business unit, Sterlite Power manufactures and sells a diversified portfolio of products, covering high performance conductors, OPGW and EHV insulated power cables, to domestic as well as international customers, including central and state electricity transmission companies, power transmission infra developers and transmission engineering, procurement, and construction (“EPC”) contractors. Further, its Master System Integrator (MSI) sub-unit is a provider of specialty contracting services, delivering bespoke solutions for the upgrade, uprate and fiberization of brownfield transmission infrastructure projects. In addition, the company also offers underground EHV turnkey services including cable laying and substation development.
Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is the sponsor of IndiGrid, India’s first power sector InvIT, listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
The Company has been recognized as the ‘Power Transmission Company of the Year’ at The Economic Times Energy Leadership Summit 2023 and is a recipient of international awards from S&P Platts as well as International Project Management Association (IPMA).
For more details, please visit https://www.sterlitepower.com/
Media Contact: Sterlite Power: media@sterlite.com
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