NRSS XXXVI Transmission

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The project entails the acquisition of 100% in NRSS XXXVI Transmission Limited, an Indian-based power transmission project company. The SPV was incorporated to establish and operate transmission system for System Strengthening Scheme in Northern Region (NRSS-XXXVI) along with LILO of Sikar-Neemrana 400kV D/C line at Babai on Build-Own-Operate-Maintain (BOOM) basis. NRSS XXXVI has 3 elements with a total length of 153km spread across the states of Uttarakhand, Rajasthan and Haryana: Element 1 consisting of LILO of one Ckt. of 400 KV D/C Sikar (PG) – Neemrana (PG) line at Babai (RRVPNL) along with 2 Nos. of 400 kV Line Bays at Babai; Element 2 consisting of 400 kV D/C Babai – Bhiwani D/C Transmission Line along with 2 Nos. of 400 kV Line Bays at Babai; Element 3 consisting of 400 kV link between Rishikesh & Koteshwar. The transaction is part of stressed asset resolution process initiated by PTC India Financial Services (PFS), lender of NRSS XXXVI through a competitive bidding process. In November 2021, PFS named Resurgent Power as the preferred bidder to acquire the financially-stressed asset. Resurgent Power's shareholders are Tata Power (26%) and ICICI Bank (74%). The transaction entails payment for one-time settlement of outstanding debt and purchase of equity shares for a total consideration of Rs1.27 billion ($16.84 million) and additional payouts linked to certain events outlined in the share purchase and debt settlement agreement. In addition, Resurgent Power will invest equity and raise debt in NRSS XXXVI for completion of Element 2 and 3. Resurgent Power obtained approval from Central Electricity Regulatory Commission in March 2022 and the acquisition of NRSS XXXVI and the debt settlement were completed on 5 April, 2022. https://www.tatapower.com/media/PressReleaseDetails/1897/resurgent-power-ventures-pte-ltd-awarded-loi-by-ptc-india-financial-services-ltd https://www.tatapower.com/media/PressReleaseDetails/1937/resurgent-power-ventures-pte-ltd-completes-acquisition-of-nrss-xxxvi-transmission-ltd