Tata Power Company on Monday said it has received a letter of intent from PFC Consulting, the wholly-owned subsidiary of Power Finance Corporation, to acquire a project-specific special-purpose vehicle.
In a regulatory filing, the company said it has received a Letter of Intent (LoI) from PFC Consulting to acquire Paradeep Transmission Ltd, a project special purpose vehicle (SPV).
“The SPV would be developed on a build, own, operate, and transfer basis, to provide transmission service for 35 years from the scheduled date of commercial operation,” the company said.
Tata Power said the date of commercial operation is effective 24 months from the date of the SPV acquisition.
The scope of the project involves constructing 2 x 1,500 MVA (megavolt ampere), 190 km of 765 kV (kilovolt) double circuit transmission line from the existing Angul substation to the proposed substation at Paradeep, Odisha among other project-related work.
