Construction Industry News
Sterlite Power announced that they had acquired Fatehgarh III Beawar Transmission Project, a special purpose vehicle, from PFC Consulting. It was stated that PFC Consulting (PFCCL) is a wholly owned subsidiary of Power Finance Corporation Limited under the Department of Energy.
According to the company's statement, Sterlite Power had acquired the Fatehgarh III Beawar Transmission Project in Rajasthan from PFC in March 2023 through a rate-based competitive bidding process.
Sterlite Power would set up a critical transmission project in Rajasthan using the Fatehgarh III Beawar Transmission Limited special purpose vehicle (SPV) in build-operate-transfer mode for 35 years.
The scope of the project included the construction of a 350-kilometer-long, 765kV transmission corridor connecting Fatehgarh III to Beawar in Rajasthan. The primary goal was to facilitate the evacuation of part of 20 GW of renewable energy from renewable energy zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh (2.9 GW) areas of the state.
Pratik Agarwal, the managing director of Sterlite Power, stated that the development of green energy corridors played a crucial role in India's nation-building efforts. He said that with Sterlite Power's unique capabilities and expertise, these corridors would contribute to achieving the country's renewable energy vision of 500 GW by 2030.
The company has not disclosed the financial details of the acquisition.
Sterlite Power, known as a leading developer of energy transmission infrastructure and provider of private sector solutions, has carried out projects covering approximately 15,000 circuit kilometres of transmission lines in India and Brazil.
