Power Grid Corporation of India Ltd (PGCIL) has formally acquired its first interstate power transmission scheme under the TBCB route, for the current fiscal year.
In a recent stock exchange filing, PGCIL said that it has completed the acquisition of “Khetri-Narela Transmission Ltd (KTNL)” – the project special purpose vehicle that will be implementing the transmission scheme officially termed as “Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase-II, Part G”.
The project will be implemented under the build, own, operate, maintain (BOOM) modality and the scheme was awarded to PGCIL under the tariff-based competitive bidding (TBCB) route.
The project SPV was acquired from bid process coordinator PFC Consulting Ltd, a wholly-owned subsidiary of Power Finance Corporation. In its filing, PFC Consulting said that KTNL was transferred to the successful bidder – PGCIL – on May 11, 2022.
The scheme
The transmission system comprises establishment of a new 765/400kV substation at Narela, substation extension works at Khetri and two 765kV double-circuit transmission lines traversing the states of Rajasthan, Haryana and NCT of Delhi. The ISTS project is scheduled for completion within 18 months.
As reported by T&D India on March 4, 2022, PGCIL had received the letter of intent for Khetri-Narela Transmission Ltd (KTNL). The current development therefore represents the formalization of the project transfer.
PGCIL in Rajasthan
Khetri-Narela Transmission Ltd is part of an overall scheme officially known as “Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase-II”. The overall scheme has several components, denoted as Part A, Part B, etc, with each part to be developed by a separate project SPV under the TBCB route.
As of today, PGCIL has won six such components, which are:
- Ramgarh New Transmission Ltd (Part A)
- Fatehgarh Bhadla Transco Ltd (Part B)
- Sikar New Transmission Ltd (Part C)
- Sikar-II Aligarh Transmission Ltd (Part D)
- Bikaner-II Bhiwadi Transco Ltd (Part F)
- Khetri-Narela Transmission Ltd (Part G)
The first five projects listed above were won by PGCIL in FY22, all in the first quarter of that year. These five projects also circumscribe PGCIL’s overall achievement in the interstate TBCB landscape in FY22. In all, ten interstate power transmission schemes under the TBCB route were awarded in FY22. Other successful developers included Adani Power (two projects), Sterlite Power, IndiGrid and ReNew Power (with one project each). (Read more).
Featured photograph for representation only
