Apraava Energy has acquired Raigad Power Transmission Ltd, a special purpose vehicle (SPV) established to develop an intrastate transmission project across Pune and Raigad districts in Maharashtra. According to reports from Business Standard, this acquisition represents a significant expansion of the company's transmission infrastructure portfolio in the state. Commenting on the win, Rajiv Ranjan Mishra, Managing Director, Apraava Energy, stated that the Raigad Power Transmission Ltd project will play an important role in strengthening Maharashtra's transmission network and enabling the reliable integration of renewable energy. As one of India's key economic and industrial hubs, Maharashtra requires a robust and resilient transmission network to meet its growing energy needs.
The acquired project involves 400 circuit kilometres of transmission lines and a pooling station, as reported by Business Standard. This infrastructure will enable reliable power supply to potential pumped storage plants (PSPs) and facilitate the evacuation of 3 gigawatts (GW) of power in Raigad district. The facility will play a crucial role in supporting the development of pumped storage plants and enabling the evacuation of substantial power capacity from the Raigad district.
The acquisition was completed for ₹7.41 crore, as reported by Power Finance Corporation. Both subsidiaries contributed negligible turnover, revenue, or income and net worth during the last financial year. The consideration received is as per the Share Purchase Agreement, with neither transaction falling within the purview of related party transactions. The proposal for sale and transfer is not in the nature of a slump sale, and the consideration for the sale and transfer of these Special Purpose Vehicles (SPVs) is determined in accordance with guidelines issued by the Ministry of Power, Government of India.
With the addition of Raigad Power Transmission Limited, Apraava now has five greenfield transmission projects under construction, which will collectively add ~1,580 ckm of transmission lines and ~18,000 MVA of substation capacity. As per the company release, Apraava currently operates three transmission assets comprising ~1,000 ckm of transmission lines and 3,500 MVA of substation capacity. The company remains focused on expanding its transmission portfolio and building the infrastructure needed to enable India's energy transition, with Maharashtra holding a special place in their journey as it was where they entered the renewable energy sector with their first wind project in 2006.
