Tata Power has Received a LoI to Acquire a SPV in Odisha

06 Aug 2024

Tata Power said on Monday that it had received a letter of intent (LoI) from PFC Consulting, a wholly-owned subsidiary of the state-run Power Finance Corporation, for the acquisition of a project-specific special-purpose vehicle.

In a regulatory filing, the Tata group company said the LoI is for acquiring Paradeep Transmission Ltd. in Odisha. "The SPV will be developed on a build, own, operate, and transfer basis to provide transmission service for a period of 35 years from the scheduled date of commercial operation," as stated by the company.

Tata Power said the date of commercial operation will be effective 24 months from the acquisition of the SPV. The scope of the project involves constructing a 2x1,500 MVA (megavolt ampere) and 190 km of 765 kV (kilovolt) double-circuit transmission line from the current Angul substation to the proposed substation at Paradeep in Odisha, among other project-related work.