Power Grid Corp Acquires Rajasthan IV E Power Transmission

State-owned Power Grid Corporation of India Ltd (POWERGRID) has acquired Rajasthan IV E Power Transmission Ltd (RIVEPTL) for Rs 18.54 crore after being selected as the successful bidder under Tariff-Based Competitive Bidding.

 Both were acquired on a build, own, operate, and transfer basis after Power Grid emerged as the successful bidder under tariff-based competitive bidding.

The project comprises the establishment of a new 765 kV sub-station at Rishabhdeo in Rajasthan, 765 kV D/C transmission lines, and associated bays extension works at other existing substations in Rajasthan and Madhya Pradesh, a BSE filing said.

 

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RIVEPTL, a Special Purpose Vehicle (SPV) incorporated on October 14, 2023, by the Bid Process Coordinator, REC Power Development and Consultancy Limited, was specifically formed for this project.

The company has acquired Rajasthan IV E Power Transmission Ltd, the Project SPV to establish 'transmission system for evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer Complex): Part E' on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator – REC Power Development and Consultancy Ltd, it stated.

The entity was acquired for an aggregate value of about Rs 18.54 crore, including 50,000 equity shares at Rs 10 each along with assets and liabilities of the company as of the acquisition date -- August 19, 2024.

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RIVEPTL will seek further regulatory approvals from the Central Electricity Regulatory Commission (CERC) for the grant of a transmission licence and the adoption of transmission charges.

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