IndiGrid Infrastructure Trust (IndiGrid) has planned capital expenditure of nearly Rs.7,500 crore across its power transmission and BESS projects, including those of EnerGrid.
In a release, IndiGrid said that the combined under-construction portfolio capex across IndiGrid and EnerGrid stands at around Rs.7,500 crore.
EnerGrid (Enerica Regrid Infra Pvt Ltd) is a new investment platform co-promoted by IndiGrid along with British International Investment (BII) and Norwegian Investment Climate Fund (Norfund).
During the third quarter (Q3: October to December) of FY26, IndiGrid entered into definitive agreements to acquire two of EnerGrid’s currently under-construction assets, one year post their respective commercial operations date.
These two projects are:
- A 125 MW/500 MWh standalone battery energy storage system (BESS) project in Uttar Pradesh, contracted by NTPC Vidyut Vyapar Nigam Ltd (NVVN), for an enterprise value not exceeding Rs.957 crore
- An ISTS project in Madhya Pradesh (around 180 ckm of lines and 4,500 MVA of transformation capacity), for an enterprise value not exceeding Rs.1,577 crore.
The Madhya Pradesh ISTS project represents the first power transmission acquired by EnerGrid in TBCB mode. For details, please refer to tndindia.com story dated February 6, 2026)
In Q3FY26, IndiGrid also entered into an agreement to acquire Gadag Transmission Ltd, an ISTS project, with around 187 ckm of lines and 1,000 MVA transformation capacity, located in Karnataka, from ReNew Power, for an enterprise value of Rs.372 crore. Subject to regulatory and contractual approvals, the acquisition is expected to be consummated by the end of the ongoing fiscal year. The Gadag project is operational since September 2024.
Power transmission portfolio
IndiGrid’s own under-construction power transmission portfolio (excluding EnerGrid) currently includes four ISTS-TBCB schemes together envisaging around 504 ckm of transmission lines and 5,000 MVA of transformation capacity. These projects are spread across Maharashtra, Madhya Pradesh, Punjab and UT of Jammu & Kashmir.
As of December 31, 2025, IndiGrid had an operational power transmission portfolio spanning 18 states and two Union territories. This portfolio, dominated by ISTS-TBCB projects, comprised around 8742 ckm of lines and a little over 20 GVA of transformation capacity.
Disciplined execution
According to Harsh Shah, Managing Director, IndiGrid, “During the quarter, we signed definitive agreements for three additional assets – one with ReNew and two with EnerGrid. Together with our announced acquisitions and under-construction pipeline, this provides visibility of over Rs.8,000 crore of assets expected to be added to our operational portfolio over the next 24-30 months.
As India accelerates its energy transition, IndiGrid remains well positioned as a leading institutional platform in transmission and next-generation infrastructure, including Battery Energy Storage Systems, with a continued focus on disciplined capital allocation and predictable long-term returns.”
Featured photograph shows a power transmission asset in IndiGrid’s operational portfolio