New Delhi, Dec 3 (IANS): Power transmission company Sterlite Power on Tuesday announced acquisition of the Lakadia Vadodara Transmission Project Limited (LVTPL) from PFC Consulting Ltd.

The company won the 'green energy transmission corridor' project through tariff-based competitive bidding process and would execute it under the build, own, operate and maintain (BOOM) model for 35 years in Gujarat, Sterlite Power said in a statement.

"The project is aligned to enable the country's renewable energy target of installing 175 GW RE by 2022 and connects the wind energy zones of Bhuj in Gujarat to the load centres in the States of Gujarat and Maharashtra. The project involves laying 350 kms of 765 kV double-circuit transmission line connecting 765/400 kV Lakadia substation to Vadodara substation in Gujarat, in an aggressive timeframe of 18 months," it said.

Commenting on the development, Pratik Agarwal, Managing Director, Sterlite Power said, "This is another resounding success for Sterlite Power. We are proud to be part of this energy-transition journey of the country and are fully geared to contribute to it with this and more such projects."

With the acquisition of this project, the company has increased its domestic footprint in inter-state transmission projects to 22 states with a cumulative transmission line network of more than 9,000 km and 16,000 MVA (megavolt amperes) transformation capacity, the company said.