Tata Power on Dec 2 announced that it had won the Bikaner-Neemrana transmission project through a bidding process. Bikaner-III Neemrana-II Transmission Ltd is a Special Purpose Vehicle (SPV) formed by PFC Consulting for this purpose. The company acquired the Bikaner-Neemrana transmission project to promote the flow of renewable energy in India, the company said in a statement.
The company also announced that it was awarded in the competitive bidding process (TBCB) based on cost and obtaining a letter of intent (LOI) as per Ministry of Energy guidelines. The project, to be developed on a Build-Own-Operate-Transfer (BOT) basis, will divert 7.7 GW of renewable energy from the Bikaner complex in Rajasthan.
The project consists of establishing a 340 km long interchange from the Bikaner-III substation to the Neemrana-II substation. Tata Power will maintain the transmission scheme for 35 years. The estimated cost is Rs 1,544 crore and is expected to be released within 24 months from the date the project is handed over to the SPV.
In 2016, Tata Power made significant inroads into the renewable energy market in India by means of its acquisition of Welspun Renewables for a record price of $1.3 billion, the largest acquisition in the Indian renewables sector.
Tata Power also bagged a 25-year license for the distribution and retail supply of electricity in Odisha's five circles, together constituting the Central Electricity Supply Utility of Odisha (CESU) for about Rs 175 crore.
