Power Grid Corporation of India Ltd (PGCIL) is set to win two more ISTS scheme under the TBCB modality – one each related to hydropower and nuclear energy evacuation.
Addressing an investor conference, R.K. Tyagi, CMD, PGCIL, noted that the company has emerged L1 for the two aforementioned schemes but the issuance of the letter of intent (LoI) from the respective bid process coordinator (BPC) was pending.
The two schemes are:
- Transmission system for evacuation of power from Shongtong Karcham HEP (450 MW) and Tidong HEP (150 MW)
- Transmission system under ISTS for evacuation of power from Kudankulam U3 & U4 (2 x 1000 MW)
According to information available with T&D India, these two ISTS schemes are housed under “Shongtong Power Transmission Ltd” and “Kudankulam ISTS Transmission Ltd.” While Sterlite Power and Adani Energy Solutions Ltd (AESL) were in the fray, alongside PGCIL, for Shongtong Transmission, the Kudankulam scheme had only one other contender – Techno Electric & Engineering Company Ltd.
PGCIL was declared L1 for these two schemes during the period October 1, 2024 to November 7, 2024. During the same period, PGCIL received the letter of intent for two more ISTS-TBCB schemes housed under “Bikaner A Power Transmission Ltd” and “Bikaner B Power Transmission Ltd,” as already reported by T&D India, on October 22, 2024.
The aggregate levelized tariff of these four schemes is Rs.1,738.82 crore per year.
Performance in Q2FY25
R.K. Tyagi also noted that during Q2FY25 (July 1, 2024 to September 30, 2024), PGCIL emerged L1 for eight ISTS-TBCB schemes, involving aggregate annual tariff of Rs.5,476.85 crore.
Tyagi said that PGCIL had a share of 62 per cent in terms of number of ISTS-TBCB schemes for which results were declared in Q2FY25. With respect to project outlay (as estimated by National Committee on Transmission), PGCIL’s share was much higher at 75 per cent. In terms of aggregate tariff, PGCIL’s share was even higher at 78 per cent.
The project SPVs of the eight ISTS-TBCB schemes under discussion are:
- Khavda PS1 and 3 Transmission Ltd
- Bhadla-III & Bikaner-III Transmission Ltd
- Bhadla-III Power Transmission Ltd
- South Olpad Transmission Ltd
- Jam Khambhaliya Transmission Ltd
- Rajasthan IV H1 Power Transmission Ltd
- Khavda V-A Power Transmission Ltd
- Barmer I Transmission Ltd
As of November 7, 2024, the letters of intent for all these eight schemes were issued to PGCIL. Further, according to information available with T&D India, the formal transfer of SPVs to PGCIL had also taken place with respect to all schemes except “Khavda V-A Power Transmission Ltd,” as of November 7, 2024.
Also read: PGCIL likely to see Rs.3-trillion capex by FY32
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