Power Finance Corporation Ltd. (PFC) has announced the incorporation of two wholly-owned subsidiaries: Solapur SEZ Power Transmission Limited and Karur REZ Power Transmission Limited. These Special Purpose Vehicles (SPVs) are established under PFC Consulting Limited, a subsidiary of PFC, to facilitate the development of key transmission schemes. These subsidiaries will undertake preparatory activities and are slated for transfer to the successful bidder post competitive bidding.
PFC Establishes New Transmission Subsidiaries
Power Finance Corporation Ltd. (PFC) has formally incorporated two new wholly-owned subsidiaries under its subsidiary, PFC Consulting Limited (PFCCL). These entities, namely Solapur SEZ Power Transmission Limited and Karur REZ Power Transmission Limited, are established as Special Purpose Vehicles (SPVs). This move is a strategic step towards developing critical transmission infrastructure projects identified by the Ministry of Power.
Purpose of the New Subsidiaries
Solapur SEZ Power Transmission Limited will focus on establishing the transmission system for evacuating power from RE Projects in Solapur SEZ (Phase-II: 2 GW) and expanding the network to enable power drawl from Solapur PS. Simultaneously, Karur REZ Power Transmission Limited is tasked with the transmission system strengthening at Karur PS for integrating renewable energy generation capacity.
Role in Tariff-Based Competitive Bidding
PFC Consulting Limited has been nominated as the Bid Process Coordinator (BPC) by the Ministry of Power for selecting developers through tariff-based competitive bidding for Independent Transmission Projects (ITPs). As per the guidelines, the BPC is responsible for project profiling and initiating land acquisition and forest clearance processes. The incorporated SPVs will undertake these preparatory activities. Subsequently, these SPVs are to be transferred to the successful bidder selected through an International Competitive Bidding process.
Central Electricity Authority Nomination
The Central Electricity Authority (CEA) has formally communicated that the National Committee on Transmission (NCT), in its 42nd meeting on July 07, 2026, nominated PFC Consulting Limited (PFCCL) as the Bid Process Coordinator (BPC) for the development of the mentioned transmission schemes through the Tariff Based Competitive Bidding (TBCB) process. This nomination is based on a file from the CEA-PS-12-13/3/2019-PSPA-II Division dated July 20, 2026.
Project Transfer to Successful Bidders
All the newly incorporated SPVs will be transferred to the successful bidder after the completion of the bidding process. The selected bidder will then be responsible for the development of the respective projects. This framework ensures a structured approach to project execution and completion.
Source: BSE
