Tata Power gets LoI from PFC Consulting to acquire SPV in Odisha

New Delhi: Tata Power on Monday said it has received a letter of intent from PFC Consulting to acquire a project-specific special purpose vehicle.

PFC Consulting is a wholly-owned subsidiary of Power Finance Corporation.

In an exchange filing, Tata Power said it "has received a Letter of Intent (LoI) from PFC Consulting to acquire Paradeep Transmission Ltd, a project special purpose vehicle (SPV)." The SPV would be developed on build, own, operate and transfer basis, to provide transmission service for 35 years from the schedule date of commercial operation, it said.

The date of commercial operation is effective 24 months from the date of SPV acquisition, Tata Power said.

The scope of project involves constructing 2 x 1,500 MVA (megavolt ampere), 190 km of 765 kV (kilovolt) double circuit transmission line from existing Angul substation to the proposed substation at Paradeep, Odisha among other project related work.