Power Finance Corporation Ltd. (PFC) has announced that its subsidiary, PFC Consulting Ltd. (PFCCL), has set up a special-purpose vehicle (SPV) to supply 3 gigawatts (GW) of electricity for green hydrogen and ammonia production in Gujarat, reported Energetica India.
The new entity, named Mundra I Transmission Ltd., will oversee the implementation of a power transmission system to support green hydrogen and ammonia manufacturing in the Mundra region of Gujarat. This project is part of Phase-I, Part B1 of the plan, with 3 GW capacity linked to the Navinal substation, the company stated in a regulatory filing.
The Ministry of Power, through a Gazette notification dated September 12, 2024, has appointed PFCCL as the coordinator to manage the selection process for a transmission service provider (TSP). The selection will be done through a tariff-based competitive bidding (TBCB) process.
According to government guidelines, PFCCL, as the bid process coordinator, is responsible for preparing the project details, initiating land acquisition, and obtaining forest clearances, if necessary. To handle these tasks, an SPV has been created to carry out preliminary activities such as surveys, preparing reports, and starting the land acquisition process.
The company clarified that the SPV has been established as a wholly-owned subsidiary of PFCCL to execute the transmission project. Once the bidding process is complete, the SPV will be handed over to the winning bidder, who will then proceed with the development of the project.
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