POWERGRID to form JV for offshore wind power

MUMBAI.  Power Grid Corporation of India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 11, 2015 have accorded approval for the following:

 

•        . ‘Investment approval for Substation extensions for Transmission System associated with Vindhyachal-V (500MW) project of NTPC (Part-A)’ at an estimated cost of Rs. 66.73 Crore, with commissioning schedule of 30 months from the date of investment approval;

 

•        . ‘Formation of Joint Venture Company (JVC) amongst POWERGRID with 14% equity, NTPC with 30% equity, Power Finance Corporation Limited (RFC) with 14% equity, Indian Renewable Energy Development Agency Limited (IREDA) with 14% equity, Power Trading Corporation of India Limited (PTC) with 14% equity and Gujarat Power Corporation Limited (GPCL) with 14% equity for development of offshore wind power in India; and

 

•        ‘Long Term Borrowings for the Financial Year (FY) 2015-16 of Rs. 16,000 Crore including Rs. 3,000 Crore tied up loan and remaining Rs. 13,000 Crore to be raised through Domestic / External Sources for financing of POWERGRID Capital expenditure requirement and providing inter corporate loan(s) on cost to cost basis and back to back servicing, to project SPV’s acquired by POWERGRID under Tariff Based Competitive Bidding (TBCB) Projects’.