New Delhi: Power Finance Corporation’s (PFC) subsidiary, PFC Consulting Ltd (PFCCL), has established a special purpose vehicle (SPV) to develop a critical electricity transmission system in Gujarat.
Focus on Green Energy Transmission
The new SPV, named Mundra I Transmission Ltd, aims to facilitate power supply to upcoming green hydrogen and ammonia manufacturing projects in the Mundra region. This move aligns with India’s push toward clean energy and the growing potential of Gujarat as a green energy hub.
Competitive Bidding Process Initiated
PFCCL has been designated as the bid process coordinator to select a Transmission Service Provider (TSP) through a tariff-based competitive bidding process. The SPV will remain a wholly owned subsidiary of PFCCL until the successful bidder takes over its operations post-bidding.
Structure of the Transmission Development
The transmission system is designed to support large-scale renewable energy projects in the region, ensuring efficient integration with the grid. According to regulatory filings, the project marks a significant step toward addressing power infrastructure needs for green energy production in Gujarat.
Next Steps for the Project
The bidding process will determine the developer responsible for executing the project. Once the bidding is completed, the SPV will be transferred to the successful bidder, who will take charge of implementing the transmission system.
This development underlines PFC’s role in strengthening India’s renewable energy infrastructure while ensuring private sector participation through competitive bidding. This initiative is expected to boost investments in green energy projects in Gujarat, enhance regional power connectivity, and contribute to India’s long-term renewable energy goals, aligning with its net-zero commitments.
