Tata Power up 4% after acquiring Bikaner Transmission project for Rs 1,544 crore
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This strategic plan aims to integrate over 500 gigawatts (GW) of renewable energy capacity into the national grid by the year 2030.
Shares of Tata Power Company Limited advanced nearly 4 percent to Rs 286 in early trade on December 4 after the company declared its successful bid to acquire the Bikaner-III Neemrana-II Transmission renewable energy project for approximately Rs 1,544 crore. This energy project is an SPV established by PFC Consulting Limited, a subsidiary of Power Finance Corporation.
An special purpose vehicle (SPV) or entity (SPE) is a subsidiary created by a parent company to segregate and manage specific financial risks.
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The transmission project, set to be developed on a Build-Own-Operate-Transfer (BOOT) basis, is strategically positioned to enable the evacuation of 7.7 gigawatts (GW) of renewable energy from the Bikaner Complex in Rajasthan.
“The project entails the establishment of a 340 kilometers transmission corridor from Bikaner-III pooling station to Neemrana II substation,” the company said in an exchange filing on December 1.
Tata Power is set to maintain the transmission project for 35 years. The anticipated commissioning of the project is within 24 months from the date of the transfer of the project’s SPV.
Upon successful commissioning, the project is expected to play a crucial role in the roadmap outlined by the Ministry of Power in 2022. This strategic plan aims to integrate over 500 gigawatts (GW) of renewable energy capacity into the national grid by the year 2030.
Recently, Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, secured the task of developing a 200 MW firm and dispatchable renewable energy (FDRE) project in collaboration with SJVN. The plant has been designed with a hybrid configuration incorporating solar, wind, and battery storage components, each appropriately sized for their capacities.
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