Power Finance Corporation incorporates five special purpose vehicle companies

The power sector lender Power Finance Corporation (PFC) has incorporated five special purpose vehicle (SPV) companies as wholly-owned subsidiaries of PFC Consulting, a subsidiary of PFC. This has been done for development of transmission projects. The companies are expected to facilitate evacuation of renewable energy from Andhra Pradesh and Rajasthan. The companies involved were Bhadla Sikar Transmission Limited, Sikar-II Aligarh Transmission Limited, Khetri-Narela Transmission Limited, Bikaner-Bhiwadi Transco Limited in Rajasthan, and AnanthapuramKurnoon Transmission Limited in Andhra Pradesh. The first four were part of transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan under phase -II, while the last was part of a transmission scheme for solar energy zone in Ananthapuram (2,500 MW) and Kurnool (1,000 MW).

Recently, in April 2020REC Ltd had also incorporated seven project-specific SPVsas wholly-owned subsidiaries of REC Transmission Projects Company Ltd (RECTPCL), a wholly-owned subsidiary of REC to facilitate the evacuation of renewable energy from Maharashtra, Madhya Pradesh, Karnataka and Rajasthan.

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