Latest version: December 04, 2023, 3:32 PM IST
Shares of Tata Power rose 4 percent in early trade on Monday morning after the company announced its successful bid to acquire the Bikaner-III Nimrana-II transmission renewable energy project for around Rs 1,544 crore. This power project is an SPV set up by PFC Consulting Limited, a subsidiary of Power Finance Corporation.
A special purpose vehicle (SPV) or entity (SPE) is a subsidiary created by a parent company to segregate and manage certain financial risks.
It said the transmission project, which will be developed on a build-own-operate-transfer (BOOT) basis, will enable diversion of 7.7 GW of renewable energy from the Bikaner complex in Rajasthan. The project lays down a 340-km transmission corridor from Bikaner-III Pooling Station to Nimrana II Substation.
Further, according to the filing, upon successful commissioning, the project will become an important link in the roadmap unveiled by the power ministry in 2022 to integrate over 500 GW of renewable energy capacity into the national grid by 2030.
Since January 2023, Tata Power shares have gained over 33 percent against the Nifty 50’s rise of over 12 percent.
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