Power Finance Corporation Limited — Important, 03-12-2024: General Updates

A wholly owned subsidiary, Raghanesda RE Transmission Limited, has been incorporated under PFC Consulting Limited to oversee the transmission system for evacuating renewable energy (RE) power from the Raghanesda area in Gujarat with a capacity of 3 GW. PFC Consulting has been appointed as the Bid Process Coordinator by the Ministry of Power to manage the selection of the Transmission Service Provider through a tariff-based competitive bidding process. The SPV will handle preparatory activities like land acquisition and environmental clearances. Once the bidding process is completed, the SPV will be handed over to the successful bidder to develop the project. This move is expected to enhance the company’s operational capabilities in the RE sector and could present growth opportunities with successful bidding outcomes. Shareholders should watch closely for developments in the bidding process, as it may significantly impact the company's future prospects.