Tata Power signs share purchase agreement to acquire Special Purpose Vehicle

Tata Power Company Limited has signed the Share Purchase Agreement (‘SPA’) and acquired a 100% equity stake in ERES-XXXIX Power Transmission Limited ("ERES-XXXIX "), a special purpose vehicle ("SPV").

ERES-XXXIX Power Transmission Limited ("ERES-XXXIX") was set up as a SPV to BuildOwn-Operate Transfer basis, to provide transmission service.

Approval has been received from the Ministry of Power for the share transfer of ERES-XXXIX to establish and operate a Build-Own-OperateTransfer basis for providing transmission service, the cost of acquisition is Rs 18.56 crore.

The Company is a SPV formed in March 27, 2024, specifically to establish the transmission system for ERES-XXXIX Power Transmission Limited (Gopalpur, Odisha) which comprises Angul to Gopalpur ~190 km of 765 KV D/C line, Gopalpur 765/400 KV GIS substation, Bay Ext. at Angul (765 KV AIS) and at OPTCL-Gopalpur (400 KV GIS S/s to be developed by OPTCL).

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : IndianOil Wins Big at FICCI Indian Sports Awards 2024 for Championing Sports Development