The Initial Portfolio Assets comprise two power transmission projects located across four states in India. These projects comprise eight EHV Overhead Power transmission lines, comprising of six 765 kV transmission lines and two 400 kV transmission lines, with a total circuit length of approximately 1,936 ckms, and two sub-stations with 6,000 MVA of transformation capacity. Each of the Initial Portfolio Assets has in place long-term TSAs of 35 years from the scheduled commercial operation date of the relevant Initial Portfolio Asset. The TSAs have a contract term of 35 years from the scheduled commercial operation date, after which we can apply to CERC for renewal if not unilaterally extended by CERC.
We acquired three power transmission projects from our sponsor as under the ROFO deed in February 2018. These projects comprise five EHV Overhead Power transmission lines, comprising of five 400 kV transmission lines, with a total circuit length of approximately 1,425 ckms across five states in India. Additionally, as part of our growth strategy of acquiring third-party transmission assets, we acquired Patran Transmission Company Limited ("PTCL") from Techno Electric & Engineering Company Ltd. ("TEECL") in August 2018 with one substation having 1,000 MVA of transmission capacity in Punjab.
The following table sets forth a summary description of the Initial Portfolio Assets:
|Project Name||Transmission line / sub-station||Configuration||Route length
|Expiry of term of the TSA|
|Bhopal Dhule Transmission Company Limited||Bhopal - Indore||765 kV S/C transmission line||176||March 31, 2049|
|Dhule - Aurangabad||765 kV S/C transmission line||192|
|Dhule - Vadodara||765 kV S/C transmission line||263|
|Bhopal - Jabalpur||765 kV S/C transmission line||260|
|Dhule - Dhule||400 kV D/C transmission line||36|
|Bhopal - Bhopal||400 kV D/C transmission line||17|
|Bhopal substation||2 x 1,500 MVA 765/400 kV||-|
|Dhule substation||2 x 1,500 MVA 765/400 kV||-|
|Jabalpur Transmission Company Limited||Jabalpur-Dharamjaygarh||765 kV D/C transmission line||757||March 31, 2049|
|Jabalpur-Bina||765 kV S/C transmission line||235|
|Purulia & Kharagpur Transmission Company Limited||Kharagpur-Chaibasa||400 kV D/C||322||10 March 2051|
|Purulia-Ranchi||400 kV D/C||223|
|RAPP Transmission Company Limited||Rajasthan, Madhya Pradesh||400 kV D/C||403||28 Feb 2051|
|Maheshwaram Transmission Limited||Telangana||400 kV D/C||199||30 Sep 2052|
|Telangana||400 kV D/C||278|
|Patran Transmission Company Limited||Punjab||2 x 500 MVA 400/200 kV||-||June 15, 2051|
Each of the Initial Portfolio Assets are located in strategically important areas for the power grid in India, which we believe makes their existence critical and their high replacement cost makes the transmission asset indispensable. For example, JTCL alleviates transmission capacity bottlenecks and expands the reliability and stability of the power grid in western and northern India by providing open access to transmit power from the independent power projects in the east of India, creating corridors that are crucial links. BDTCL facilitates the transfer of electricity from coal-fired power generation sources in the states of Odisha and Chhattisgarh to power load centers in India‘s western and northern regions.
PKTCL supports the interconnection of the state grids and the regional grids and facilitates the exchange of additional power between them. RTCL facilitates the strengthening of the transmission capability between the northern and western sectors of India’s power grid by evacuating electricity from an atomic power plant near Kota in Rajasthan to central Madhya Pradesh.MTL constitutes a key component in enabling the southern region of India to draw more power from the rest of the grid and seeks to address the issue of power stability in the state of Telangana. PTCL constitutes a key component in strengthening the power transmission system in the state of Punjab in India.