Power Finance Corporation Ltd has incorporated Satara Power Transmission Limited as a wholly owned subsidiary to facilitate a network expansion scheme in the Western Region. The new entity, a Special Purpose Vehicle (SPV), was established by PFC Consulting Limited, which is itself a wholly owned subsidiary of power finance corporation . The incorporation aims to support the development of transmission infrastructure for pumped storage potential near Satara, with a capacity of up to 4500 MW under Part A of the scheme.

PFC Consulting Limited has been designated as the Bid Process Coordinator (BPC) by the Ministry of Power, Government of India. Its role involves selecting a developer through tariff-based competitive bidding for Independent Transmission Projects (ITPs). As per the guidelines issued by the Ministry of Power, the BPC is responsible for preparing the project profile and initiating land acquisition and forest clearance processes where necessary. The SPV is required to carry out these preparatory activities, including surveys, report preparation, and the initiation of land and forest clearance processes.

The Ministry of Power, via a gazette notification dated March 24, 2026, officially notified PFC Consulting Limited as the BPC for selecting a bidder to act as the Transmission Service Provider (TSP) for this specific transmission system. The project will be developed through the Tariff Based Competitive Bidding (TBCB) process. Following the completion of the bidding process, the SPV will be transferred to the successful bidder selected through the International Competitive Bidding Process.

The establishment of Satara Power Transmission Limited aligns with the regulatory framework requiring an SPV to manage initial project activities before the final developer takes over. The successful bidder chosen through the competitive process will ultimately assume responsibility for developing the project. The filing was signed by Manish Kumar Agarwal, Company Secretary & Compliance Officer of Power Finance Corporation Ltd, on July 13, 2026.

Power Finance Corporation has priced a transaction of $300,000,000 Floating Rate Notes due 2029 under its $8,000,000,000 Global Medium Term Note Programme. The notes carry a coupon of O/N SOFR + 110 bps per annum and have a maturity of 3 years. Interest payments will be made quarterly in arrears on October 16, January 16, April 16, and July 16.

The settlement date for the notes is expected to be July 16, 2026. Unless previously redeemed, the notes will mature on July 16, 2029, with principal and interest payments made in U.S. Dollars. The notes represent direct, unconditional, and unsecured obligations of the issuer and will rank pari-passu with all other unsecured obligations.

The notes will be listed on NSE IFSC and India INX. Net proceeds from the issuance will be utilized in accordance with the external commercial borrowing guidelines of the Reserve Bank of India.

Key Details of the Issuance

The following table outlines the key terms and features of the floating rate note issuance:

The transaction was intimated to the exchanges in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.