Torrent Power on Tuesday said that it has made its foray into power transmission segment by bagging a project for the evacuation of power from renewable energy projects in Solapur, Maharashtra.
The annual transmission charges of the project is Rs 50 crore, a company statement said.
Torrent Power will build this project on BOOT basis (build own operate transfer) and operate it for 35 years. The project will be commissioned in 24 months.
According to the statement the Torrent Power has emerged as the successful bidder and has received Letter of Intent from PFC Consulting Ltd. on Feb. 27, 2024 for Establishment of Inter-state transmission scheme “Transmission System for Evacuation of Power from RE Projects in Solapur (1,500 MW) SEZ in Maharashtra” under Tariff Based Competitive Bidding Process.
The project has been conceived to evacuate Renewable energy with a capacity of 1,500 MW from Solapur and entails the setting up of a transmission line of approx. 44 kms from existing Solapur substation of PGCIL (Power Grid) to Solapur substation (to be established by Torrent Power).
In due course, the PFC Consulting Ltd. will transfer the project special purpose vehicle to Torrent Power.
While Torrent Power owns and operates Transmission projects; the award of this project marks Torrent Power's foray into the development of Transmission projects under the TBCB framework.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
