Tata Power completes final acquisition of Paradeep Transmission

Tata Power has finalized the acquisition of Paradeep Transmission Ltd from PFC Consulting Ltd, the bid process coordinator. Paradeep Transmission Ltd was established on November 30, 2024, as a wholly-owned subsidiary of PFC Consulting Ltd, intended to manage the interstate transmission system scheme officially known as the "Eastern Region Expansion Scheme XXXIV."

The acquisition was completed on November 6, 2024.

Tata Power secured this project through the tariff-based competitive bidding (TBCB) process by offering a levelized annual transmission charge (tariff) of Rs. 2561.83 million, surpassing three other competitors: Power Grid Corporation of India Ltd, Sterlite Power, and Adani Energy Solutions Ltd (AESL).

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The project, involves, among other elements, setting up of the 765/400kV Paradeep GIS substation and a 190-km double-circuit 765kV double-circuit line from this substation to the Angul substation. There is also a 12-km 400kV double-circuit line from the upcoming Paradeep GIS substation to OPTCL’s substation at Paradeep.

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The project, estimated to cost around Rs.2,564 crore (as estimated by the National Committee on Transmission) is scheduled to be completed by November 6, 2026, which is 24 months from the date of formal acquisition of the project SPV.

The letter of intent for this scheme was issued by PFCCL on August 3, 2024, and the time-lapse of over three months in transfer of SPV from PFCCL to Tata Power is quite intriguing. As per the standard bidding documents, the transfer of SPV should take place within ten days from the issuance of LoI.

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