Power Finance Corporation Limited has announced the incorporation of a Special Purpose Vehicle (SPV), named FATEHGARH II TRANSMISSION LIMITED, as a wholly owned subsidiary of PFC Consulting Limited.
The newly incorporated SPV has been formed for the “Installation of 2 Nos. of Synchronous Condensers (SynCon) units at 765/400/220 kV Fatehgarh-II PS.” The project will be developed under the Tariff Based Competitive Bidding (TBCB) framework notified by the Ministry of Power, Government of India.
PFC Consulting Limited (PFCCL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has been appointed as the Bid Process Coordinator (BPC) for selecting the project developer through the competitive bidding route for Independent Transmission Projects (ITPs).
As part of its responsibilities under the TBCB guidelines issued by the Ministry of Power, PFCCL is required to undertake preparatory activities for the transmission project. These activities include preparation of the project profile, initiation of land acquisition processes, conducting surveys, preparation of reports, and obtaining forest clearances wherever applicable. For carrying out these activities, the incorporation of an SPV is mandatory.
According to the filing, the Central Electricity Authority (CEA), under the Ministry of Power, had informed through its communication dated September 26, 2025, that the National Committee on Transmission (NCT), during its 33rd meeting held on September 16, 2025, recommended PFCCL as the Bid Process Coordinator for the Fatehgarh-II synchronous condenser project under the TBCB mechanism.
Subsequently, the Ministry of Power issued a notification in the Official Gazette dated October 30, 2025, notifying the transmission scheme under the TBCB mode.
PFC stated that the SPV will be transferred to the successful bidder selected through the international competitive bidding process. The selected developer will then undertake the implementation and development of the transmission project.
