Having won five ISTS projects under the tariff-based competitive bidding (TBCB) route recently, Power Grid Corporation of India Ltd (PGCIL) has recorded three more wins.
In two recent stock exchange filings, PGCIL said that it has won the following three interstate transmission system (ISTS) projects, under the TBCB route. All the projects will be developed under a concession agreement on build, own, operate & maintain (BOOM) basis.
The three projects are officially termed as:
- Inter-State Transmission System for “Transmission System Strengthening Scheme for Evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-E”
- Scope: Establishment of a 765kV double-circuit transmission Line along with associated line bays in Rajasthan
- Bid process coordinator: PFC Consulting Ltd
- Project SPV: Bhadla-Sikar Transmission Ltd
- Western Region Expansion Scheme- XXVII (WRES-XXVII)
- Scope: Establishment of 400kV double-circuit transmission line passing through Chhattisgarh and bay extension works at two existing substations
- Bid process coordinator: PFC Consulting Ltd
- Project SPV: Raipur Pool Dhamtari Transmission Ltd
- Western Region Expansion Scheme- XXVIII (WRES-XXVIII) and XXIX (WRES-XXIX)
- Scope: Bay extension works (220kV) at two existing substations in Chhattisgarh
- Bid process coordinator: PFC Consulting Ltd
- Project SPV: Dharamjaigarh Transmission Ltd
(Note: Details of the bid process coordinator (BPC) and project SPVs were not disclosed in the stock exchange filings by PGCIL, and have been obtained by T&D India through reliable sources.)
Bond issue
In its meeting held on March 9, 2023, the PGCIL board approved the proposal to raise up to Rs.900 crore through private placement of bonds. The total monies, comprising Rs.300 crore of original bond issue and up to Rs.600 crore as greenshoe option, will be made by securitization of cash flows of 10 years (up to FY33) of its operational SPV “Powergrid Mithilanchal Transmission Ltd,” PGCIL said in a filing.
Investment Approved
In a recent independent development, the PGCIL board accorded investment approval worth Rs.4,070.98 crore to the following two projects:
- Eastern Region Expansion Scheme-XXIX (ERES-XXIX) at an estimated cost of Rs.524.04 crore scheduled to be commissioned by November, 2025;
- Transmission system for Kurnool Wind Energy Zone/Solar Energy Zone (AP) – Part-A & Part-B at an estimated cost of Rs.3,546.94 crore scheduled to be commissioned by November 2024.
It is reliably learnt that both these projects will be developed by PGCIL under the regulated tariff mechanism (RTM) modality.
