Sterlite power, one of the leading integrated power transmission developer and solutions provider in India, has announced the acquisition of Vapi II North Lakhimpur Transmission Limited (VNLTL). Sterlite power has acquired Vapi II from PFC Consulting Limited Ltd (PFCCL), which is a wholly-owned subsidiary of Power Finance Corporation (PFC).
In June 2018, PFCCL had floated a tender for selection of transmission service provider on Build, Own, Operate and Maintain (BOOM) basis for Western Region Strengthening Scheme – XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme – IX (NERSS-IX).
Sterlite Power had won the projects on BOOM model for 35 years through tariff-based competitive bidding process.
VNLTL is a special purpose vehicle (SPV) that was incorporated by PFCCL in June 2018 for the purpose of developing independent transmission schemes WRSS-XIX and NERSS-IX.
Now, with this special purpose vehicle Sterlite power will be able to execute its large inter-state transmission system (ISTS) projects – WRSS-XIX and NERSS-IX.
Inter-state transmission system (ISTS) projects WRSS-XIX and NERSS-IX
This project shall help meet growing power needs of Mumbai region and shall also increase the renewable power availability of western and north eastern India. As per press release of Sterlite power dated 26th June 2020 “WRSS-XIX involves setting up of 318 cKm of lines and 1000 MVA transformation capacity and 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”.
Pratik Agarwal, Managing Director, Sterlite Power has been mentioned in Sterlite Power’s press release “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“.