Special Purpose Vehicles
Special purpose vehicles (SPV), or shell companies, have been set up as wholly owned subsidiaries of the Power Finance Corporation for each UMPP that will be built. The SPV obtains various clearances, water linkage, coal mine allocation (for domestic coal based projects) etc. for the project. The SPV also initiates action for land acquisition in the name of the SPV, selects the developer through a tariff based competitive bidding process and finally transfers the SPV to the identified developer along with the various clearances, tie ups, etc. The developer is then responsible to build–own–operate (BOO) these UMPP plants.
Read more about this topic: Ultra Mega Power Plants (India)
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