Tata Power has acquired ERES-XXXIX Power Transmission Limited, a special vehicle (SPV) from REC Power Development and Consultancy Limited.
Tata Power said in a stock exchange filing that it has received a letter of intent (LoI) from REC Power Development and Consultancy Limited, a wholly owned subsidiary of REC Limited, for the acquisition of ERES-XXXIX Power Transmission Limited. Its annual transmission fee is Rs 289.729 crore.
According to company information, the project SPV ERES-XXXIX will be developed on build-own-operate-transfer basis. It will provide transmission service for 35 years from the scheduled date of commercial operation 31 December 2027.
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