Tata Power Co. acquired the Bikaner-Neemrana transmission project in Rajasthan for Rs 1,544 crore to boost renewable energy evacuation.
The Tata Group company won the bid to acquire Bikaner-III Neemrana-II Transmission Ltd., a project special purpose vehicle set up by a subsidiary of Power Finance Corp, it said in its exchange filing on Friday.
The project, which entails the establishment of an about 340 km transmission corridor, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex.
According to the guidelines of the Union Ministry of Power, the company received the Letter of Intent after emerging as a successful bidder in the tariff-based competitive bidding process, it said.
Tata Power will maintain the transmission project for a period of 35 years, and it will be developed on a build-own-operate-transfer basis.
The project is expected to be commissioned within 24 months from the date of transfer of the project SPV.
The government in 2022 launched a plan to integrate 500 GW of non-fossil fuel-based capacity by 2030.
"The said project will become a vital link in the roadmap unveiled by the Ministry of Power in 2022 for integrating over 500 GW of renewable energy capacity into the national grid by 2030," the company said.
Shares of Tata Power closed 2.01% higher at Rs 267.9 apiece on the NSE, as compared with a 0.67% advance in the benchmark Nifty 50.
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