Mumbai, Aug 6 (UNI) MahaTransco and JSW Energy have announced the formation of Jaigad PowerTransco Ltd, a Special Purpose Vehicle (SPV) formed for setting up of a 400 KV transmission evacuation system in Maharashtra.
The JV agreement was signed yesterday by Mr Subrat Ratho, Managing Director, MahaTransco and Mr S S Rao, Joint Managing Director and CEO, JSW Energy Limited in the presence of Mr Dilip Walse Patil, Maharashtra Minister of Energy, Medical Education, Higher&Technical Education, Mr Rahul Asthana, State Principal Secretary Energy and Mr Sajjan Jindal, Chairman, JSW Energy Limited.
Speaking on the occasion, Mr Patil said that with such efforts by power companies the power shortage in Maharashtra would be reduced.
The JV has an equity participation in the ratio of 74:26 between JSWEL and MahaTransco respectively. The site mobilization and other related activities have commenced. Jaigad PowerTransco has also applied for Transmission Licensee, which is under process.
JSWEL, which is setting up a 1200 MW Jaigad Power Project in Ratnagiri district, has taken a lead in delivering its commitment under the MoU with the state Government by expediting the implementation of the Project, which is presently at an advance stage of construction. The Jaigad PowerTransco will evacuate power from the 1200 MW Jaigad Power Project.
Speaking on the occasion, Mr Subrat Ratho MD, MahaTransco said, ''The Government of Maharashtra has taken a path-breaking step to facilitate setting up of power generation capacities by IPPs by allowing Mahatransco to participate in an innovative JV partnership with JSWEL to evacuate power. The JV will help the implementation of the evacuation project through the synergies between the technical expertise of MahaTransco and project execution strengths of JSWEL and pave the way for more such PPPs in larger public interest.'' UNI JM SR SKB1812