 "Sterlite Power buys Beawar Transmission to develop project in Rajasthan")
Sterlite Power on Friday said it has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan.
Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development and Consultancy Ltd.
The SPV was awarded to Sterlite Power through tariff-based competitive bidding in August, a company statement said.
"Sterlite Power announces the acquisition of Beawar Transmission Ltd from REC Power Development and Consultancy Ltd, a wholly owned subsidiary of REC Ltd," it said.
The company did not share the financial details of the acquisition.
Through the Beawar Transmission Ltd, the company will build the Green Energy Corridor project on Build, Own, Operate, Transfer (BOOT) basis, for a period of 35 years, as per the statement.
This is Sterlite Power's 19th power transmission project in India acquired through tariff-based competitive bidding, the company said, adding that it now has Rs 12,000 crore worth of projects under management.
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"Sterlite Power is proud to be building the green energy corridor that will enable the flow of 20 GW of renewable energy," Sterlite Power Managing Director Pratik Agarwal said in the statement.
The Beawar Transmission will entail construction of three integral components.
Initially, a 350 km 765kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar will be developed.
Then, a 3,000 MVA 765/400kV Substation at Beawar will be constructed and finally, there will be construction of two LILO lines, covering approximately 120 km.
In March, the Sterlite Power won Part G Phase III of the project, titled Fatehgarh III Beawar Transmission Ltd. With the completion of both parts F and G, the transmission line will be among the largest green energy corridors in the country.
Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 32 completed, sold and under-construction projects covering about 15,350 circuit km of transmission lines across India and Brazil.