MahaTransco, JSW Energy sign agreement
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