PFCCL Forms SPV for Transmission of 3 GW RE Power for Green Hydrogen Manufacturing in Gujarat
Power Finance Corporation Ltd.’s (PFC) subsidiary, PFC Consulting Ltd. (PFCCL), has incorporated a special purpose vehicle, Mundra I Transmission Ltd., to develop a 3 GW power transmission system for green hydrogen/ammonia production in Gujarat.
December 27, 2024. By Mrinmoy Dey
Mundra I Transmission Ltd. has been incorporated for the purpose of a “Transmission system for the supply of power to green hydrogen/ammonia manufacturing potential in Mundra area of Gujarat under Phase-I: Part B1 scheme (3 GW at Navinal substation)”, the company informed in an exchange filing.
It further informed that the Ministry of Power vide a Gazette notification dated September 12, 2024, appointed PFCCL as the bid process coordinator (BPC) for the purpose of selection of bidder as transmission service provider (TSP) to establish the above-mentioned transmission system through tariff-based competitive bidding (TBCB) process.
As per the provisions of TBCB guidelines issued by the Ministry of Power, the BPC has to prepare the project profile and initiate the process of land acquisition and forest clearance, if required. For these activities, an SPV is required to be incorporated which will take up various preparatory activities of the transmission projects e.g. survey and preparation of report, initialisation of the process of acquisition of land and also initiate the process of seeking forest clearance, if required.
“Accordingly, the SPV has been incorporated as a wholly-owned subsidiary of PFCCL to develop the aforementioned transmission scheme. This SPV will be transferred to the successful bidder after the completion of the bidding process. The successful bidder selected through the bidding process would develop the project,” it said.
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