Power Grid Corporation of India Ltd (PGCIL) and EnerGrid, on July 29, 2026, formally acquired project SPVs of ISTS schemes that the two developers had won under the tariff-based competitive bidding (TBCB) mechanism.
These SPVs were incorporated as wholly-owned subsidiaries of bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL).
Here are the broad details of the two cases:
Project SPV: Bhadla Ramgarh Power Transmission Ltd
Winner: Power Grid Corporation of India Ltd (PGCIL)
Scheme: Augmentation at Bhadla-III, Ramgarh PS and Kanpur (PG)
Project location: Rajasthan, Uttar Pradesh
Winning tariff: Rs.1193.45 million per year
Project cost: Rs.1,035 crore (estimated)
Project scope: Augmentation of the 400/220kV Bhadla-III Pooling Station, 765/400kV Ramgarh Pooling Station and 765/400kV Kanpur Pooling Station, along with associated works.
Completion: January 2029
As exclusively reported by tndindia.com on June 25, 2026, PGCIL was set to win the Bhadla-Ramgarh scheme by getting the better of four other contenders. (Read full story)
Project SPV: Shongtong Power Transmission Ltd
Winner: Energrid (through “Terralight Solar Energy Tinwari Pvt Ltd”)
Scheme: Transmission system for evacuation of power from Shongton Karcham HEP (450 MW) and Tidong HEP (150 MW)
Project location: Himachal Pradesh
Winning tariff: Rs.5426.32 million per year
Project cost: Rs.2,286 crore (estimated)
Project scope: Setting up of 400/220kV Jhangi GIS Pooling Station in Himachal Pradesh, 400kV Jhangi PS to Wangtoo double-circuit line of 50 kms, 400kV Panchkula to Wangtoo line of 175 kms, along with other associated works.
Completion: By January 2029 (30 months from SPV transfer date)
As reported by tndindia.com on April 8, 2026, five bidders were shortlisted for the Shongtong scheme, which, incidentally, a case of re-bidding. In the first round of bidding initiated in June 2023, PGCIL was selected as the winning developer and had also received the letter of intent, before the bidding process was annulled.
Second ISTS-TBCB scheme for Energrid
The Shongtong scheme is the second ISTS-TBCB scheme acquired by EnerGrid. In February 2026, EnerGrid, through its subsidiary “Enerica 1 Infra Pvt Ltd,” acquired “Morena 1 SEZ Transmission Ltd.”
Terralight Solar Energy Tinwari Pvt Ltd (TSETPL) is a subsidiary of “Enerica 3 Infra Pvt Ltd,” in turn a subsidiary of “Enerica Regrid Infra Pvt Ltd” (EnerGrid).
EnerGrid is a new investment platform co-promoted by IndiGrid Infrastructure Trust (IndiGrid), British International Investment (BII) and the Norwegian Climate Investment Fund (Norfund). IndiGrid would henceforth be bidding for power transmission and BESS projects, under TBCB, through EnerGrid, and not by itself.
More acquisitions by PGCIL to follow
PGCIL, in the coming weeks, is set to acquire project SPVs for two ISTS schemes, housed under “Fatehgarh II Transmission Ltd” and “Krishnagiri REZ Transmission Ltd,” for which the Central PSU has already received the letters of intent earlier in July 2026.
Featured photograph shows the formal transfer of “Bhadla Ramgarh Power Transmission Ltd” from RECPDCL to PGCIL, in an event held on July 29, 2026. (Photo: RECPDCL)