Tata Power has won the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle (SPV) set up by Power Finance Corporation’s subsidiary PFC Consulting.

The project is estimated to cost ₹1,544 crore and commissioned within 24 months from the date of transfer of the project SPV. Tata Power will maintain the transmission project for 35 years.

The company received the letter of intent after emerging as a successful bidder in the Tariff-Based Competitive Bidding process.

The transmission project, which will be developed on a build-own-operate-transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan. The project entails the establishment of a 340 km transmission corridor from Bikaner-III pooling station to Neemrana II substation.

“Upon successful commissioning, the 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,” Tata Power said.