Tata Power has won the bid to acquire Bikaner-III Neemrana-II Transmission Ltd, a transmission project special purpose vehicle (SPV) set up by PFC Consulting Ltd. The win is expected to boost renewable energy evacuation in India.

PFC Consulting is a subsidiary of Power Finance Corporation.

The Tata group firm said in a regulatory filing that the transmission project will be developed on a build-own-operate-transfer (BOOT) basis. It will enable the evacuation of 7.7 GW of renewable energy from the Bikaner complex in Rajasthan.

The project entails the establishment of around 340 km transmission corridor from Bikaner-III pooling station to Neemrana II substation.

Tata Power added that it received the letter of intent after emerging as a successful bidder in the tariff-based competitive bidding (TBCB) process, according to the guidelines issued by the union ministry of power.

It will maintain the transmission project for a period of 35 years. The project is estimated to cost Rs 1,544 crore and is expected to be commissioned within 24 months from the date of transfer of the project SPV.

The company added that 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 has a diversified portfolio of 14407 MW across the entire power value chain from renewable and conventional energy generation to transmission and distribution, trading, storage solutions, solar cells and module manufacturing.

It has 5547 MW of clean energy generation, which constitutes 39 per cent of its total capacity.

As part of its clean energy focus, it has been focusing on offerings like rooftop solar, microgrids, storage solutions and EV charging infrastructure among others.

Tata Power had clocked a 9 per cent rise in its consolidated net profit to Rs 1,017.41 crore in the July-September quarter of this year following higher revenues from core business.

Its consolidated net profit stood at Rs 935.18 crore in the same quarter of the previous fiscal.