EnerGrid, an investment platform co-promoted by IndiGrid Infrastructure Trust (IndiGrid), expects capital expenditure of around Rs.5,800 crore in developing two interstate transmission system (ISTS) schemes that it won under the tariff-based competitive bidding (TBCB) mechanism in the first quarter (Q1: April to June) of FY27.
The two ISTS-TBCB schemes are:
Scheme: Transmission system for evacuation of power from Shongton Karcham HEP (450 MW) and Tidong HEP (150 MW)
Location: Himachal Pradesh
Project SPV: Shongtong Power Transmission Ltd
Transmission infrastructure: 450 ckm of lines and 400/220kV, 630 MVA substation
SPV transfer status: SPV transferred
Scheme: Transmission system for evacuation of power from Sunni Dam HEP & Luhri Stage-1 HEP
Location: Himachal Pradesh
Project SPV: Luhri Power Transmission Ltd
Transmission infrastructure: 104 ckm of lines and 1050 MVA of transformation capacity
SPV transfer status: SPV transfer pending, LoI received
With these two wins, EnerGrid has taken its total tally of ISTS-TBCB wins to three, inclusive of “Morena I SEZ Transmission Ltd” that was acquired in February 2026.
The three projects together envisage five transmission lines aggregating 739 ckm and three substations with total transformation capacity of 7180 MVA, spread across Madhya Pradesh and Himachal Pradesh.
Building visibility for future growth
Commenting on the performance in Q1FY27, Harsh Shah, Managing Director of IndiGrid, said, “We delivered a strong financial performance during the quarter, supported by the resilient nature of our portfolio and disciplined asset management. We also continued to build visibility for future growth, with EnerGrid winning two new inter-state transmission projects and taking its identified project pipeline to over Rs.13,500 crore, providing a clear pathway for deployment of its committed investor capital.
India’s peak power demand again crossed 270 GW in July, reinforcing the need to continuously strengthen the country’s power infrastructure. As demand grows and the generation mix evolves, investments in transmission, energy storage and grid flexibility will be critical to building a resilient and sustainable energy system. Through IndiGrid and EnerGrid, we remain focused on contributing meaningfully to this transformation while creating sustainable long-term value for our stakeholders.”
Portfolio under construction
IndiGrid’s under-construction portfolio, including projects of EnerGrid, currently aggregates ten schemes covering power transmission and BESS. This portfolio, spanning seven Indian states and one UT, envisages 1,234 ckm of lines, around 12,180 MVA of transformation capacity and 2 GWh of BESS capacity. The aggregate acquisition enterprise value of this under-construction portfolio is estimated at Rs.13,640 crore, including Rs.11,300 crore for seven power transmission projects and Rs.2,340 crore for three BESS assets.
IndiGrid and EnerGrid
EnerGrid, officially “Enerica Regrid Infra Pvt Ltd” is a new entity/platform that has been co-promoted by IndiGrid (IndiGrid Infrastructure Trust), British International Investment (BII) and the Norwegian Climate Investment Fund (Norfund). The three partners have committed total investment of $300 million through equity/debt. IndiGrid, it is learnt, will have no equity stake in EnerGrid but will support the platform through subscription to debt instruments. IndiGrid, will be acquiring 100 per cent stake in all projects of EnerGrid, one year after their commissioning. It is further learnt that hereon IndiGrid will not be directly participating in the bidding process for power transmission and battery energy storage systems (BESS) projects. This will now be routed through EnerGrid.
Biding pipeline
IndiGrid estimates a bidding pipeline of around Rs.1,57,175 crore of interstate and intrastate transmission projects under the TBCB framework. Of these bidding is currently underway with respect to projects worth Rs.58,154 crore, while the remaining Rs.99,021 crore is from schemes where bidding is yet to begin. Besides, IndiGrid also expects the bid pipeline of BESS projects to be around Rs.43,550 crore, taking the overall business opportunity to over Rs.2 trillion.
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