Transmission solutions provider Sterlite Power on Friday said it has acquired Vapi II North Lakhimpur Transmission Limited (VNLTL), a special purpose vehicle, from state-owned PFC Consulting.
The company, however, did not disclose the deal value.
PFC Consulting Ltd (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation (PFC), the non-banking finance company under the Ministry of Power.
In a statement Sterlite Power announced the acquisition of Vapi II North Lakhimpur Transmission Limited (VNLTL), a SPV from PFC Consulting Limited .
Through this SPV, it will execute a large inter-state transmission system project - Western Region Strengthening Scheme-XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme-IX (NERSS-IX), won through a tariff-based competitive bidding process, under the build, own, operate and maintain model for 35 years.
The WRSS-XIX, Sterlite Power said, involves setting up of 318 circuit kilometer (ckm) of lines and 1000 MVA transformation capacity across three distinct parts.
Part A involves setting up 35 ckm lines in Gujarat to help distribute renewable energy being generated in the state to a wider set of consumers.
Part B aims to establish a 1000 MVA substation in Vapi along with 51 ckm of lines to bring clean nuclear power from Kakrapar Atomic Power Plant in Gujarat for further distribution across the Union Territories of Daman, Diu and Dadra Nagar Haveli.
The third part C aims to set up 179 ckm of lines for critical system strengthening and decongesting the evacuation system in Navi Mumbai area.
The link brings an inter-state transmission system feed of about 1,000 MW into the Mumbai region to cater to its growing energy requirements which is expected to increase owing to Navi Mumbai Airport and Navi Mumbai special economic zone, coming up in the region, it said.
The NERSS-IX, on the other hand, involves strengthening of the north-eastern transmission network by setting up 85 ckm of lines in the states of Assam and Arunachal Pradesh. The transmission system will facilitate the evacuation of hydro power from 110 MW Pare Hydro-Electric Project situated in Arunachal Pradesh.
Pratik Agarwal, Managing Director, Sterlite Power, said, Integrating renewable energy to the grid is the need of the hour. This single project with its various sub-elements brings in clean and green energy from solar, nuclear and hydro for people across the western and north eastern region in India.
Further it will play a key role in decongesting the Navi Mumbai transmission corridor while catering to the ever-growing needs of the financial capital Mumbai.
Sterlite Power also said it is already constructing other transmission assets in the states of Maharashtra, Gujarat, Assam and Arunachal Pradesh, including critical corridors that are part of India's Green Energy Corridor.
