Sterlite Power has acquired Vapi II North Lakhimpur Transmission Limited (VNLTL), a special purpose vehicle (SPV), from PFC Consulting Limited for an undisclosed sum.
“Through this SPV, the company will execute a large inter-State transmission system (ISTS) project — Western Region Strengthening Scheme-XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme-IX (NERSS-IX), which it won through a tariff-based competitive bidding (TBCB) process, under the Build, Own, Operate and Maintain (BOOM) model for 35 years,” said a company statement.
The Western Region Strengthening Scheme – XIX (WRSS-XIX) involves setting up of 318 ckm of lines and 1000 MVA of transmission capacity.
Commenting on the acquisition, 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. Through such strategic projects, we are happy to be building the renewable energy lifeline for the country.”
The North Eastern Region Strengthening Scheme–IX (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.