Power Grid Corporation of India Ltd (PGCIL), over the past few days, has received the letters of intent for two ISTS-TBCB schemes, including the mega Barmer HVDC scheme and the Lakadia-II schemes.
The LoI for the Barmer HVDC scheme was received on September 2, 2026, followed by that for the Lakadia-II scheme on September 3, 2026.
It an exclusive story dated August 23, 2026, tndindia.com had reported that PGCIL had emerged L1 bidder for the Barmer HVDC scheme and was expecting to receive the letter of intent soon. (Read full story)
Later, on August 31, 2026, tndindia.com had exclusively reported that the Central PSU had come close to winning the Lakadia-II scheme, having emerged as L1 bidder in the e-reverse auction. (Read full story)
Salient features
Project SPV: Barmer HVDC Power Transmission Ltd
Scheme: Transmission system for evacuation of power from Rajasthan REZ Phase-IV (Part 5: 6 GW) [Barmer Complex] Barmer-II: 6 GW (Solar) (LCC Configuration)
Tariff: Rs.3,244.33 crore per year
Description: The project comprises establishment of 6000 MW, ±800kV HVDC terminals at Barmer-II (Rajasthan) and South Kalamb substation (Maharashtra) along with augmentation of South Kalamb substation. It also involves construction of ±800kV HVDC bipole line between Barmer-II & South Kalamb (around 1,000 km) traversing through Rajasthan, Gujarat and Maharashtra, and construction of 400kV transmission lines traversing Rajasthan, along with the associated bays. The project also entails installation of two SynCon units at Barmer-II PS along with the associated bays.
Project SPV: Lakadia II Power Transmission Ltd
Scheme: Transmission system for integration of power from RE projects in Lakadia REZ in Gujarat – Phase II (7500 MW)
Tariff: Rs.1,152.49 crore per year
Description: The project comprises establishment of new 765/400kV Lakadia-II substation and 765kV transmission lines, along with the associated equipment and bays, all in Gujarat. It also entails commissioning of a synchronous condenser at Lakadia-II substation.
PGCIL’s FY27 scorecard
PGCIL is clearly emerging as the most successful developer of ISTS schemes under the TBCB mode in FY27 so far.
According to a study by tndindia.com, during FY27 so far (April 1, 2026 to to September 3, 2026), PGCIL has formally acquired the project SPVs of the following six ISTS-TBCB schemes:
- Powergrid Tumkur Madhugiri Transmission Ltd (originally Tumkur II RE Transmission Ltd)
- Kakinada I Transmission Ltd
- WR ER Part A Power Transmission Ltd
- Bhadla Ramgarh Power Transmission Ltd
- Krishnagiri REZ Transmission Ltd
- Fatehgarh II Transmission Ltd
Besides, the Central PSU has been issued the LoI, but with the SPV transfer pending, in three ISTS-TBCB schemes:
- Jam Khambhaliya REZ Transmission Ltd
- Barmer HVDC Power Transmission Ltd
- Lakadia II Power Transmission Ltd
In one ISTS-TBCB scheme housed under project SPV “Robertsganj Power Transmission Ltd,” the letter of intent was issued way back on September 4, 2025. However, the SPV transfer is awaiting approval from the Union power ministry.
Discounting the Robertsganj scheme, the aggregate tariff associated with the nine ISTS-TBCB schemes won by PGCIL in FY27 so far, stands at a whopping Rs.7,385 crore per year. Of this, the Barmer HVDC scheme itself accounts for Rs.3,244 crore. PGCIL is very likely to retain its leadership in the ISTS-TBCB market in FY27, both in terms of number of schemes and transmission tariff.
For a frame of reference, PGCIL won seven ISTS-TBCB schemes in FY26 with an aggregate tariff of Rs.941 crore. In FY25, PGCIL acquired as many as 26 schemes together envisaging tariff of Rs.10,572 crore, a superlative performance influenced by the mega Khavda V-A HVDC scheme with tariff of Rs.4,083 crore per year.
(Read tndindia.com exclusive ISTS-TBCB market reports for FY25, FY26, and Q1FY27)
Featured photograph is for representation only