Power Grid Corporation of India Ltd (PGCIL) has completed the formal acquisition of two interstate transmission system (ISTS) schemes for which it had recently received the letter of intent.
The project SPVs were acquired from bid process coordinator PFC Consulting Ltd (PFCCL) on November 7, 2024, PGCIL said in a regulatory filing. PGCIL won the schemes under the tariff-based competitive bidding (TBCB) mode.
Here are broad details of the two schemes:
Project SPV: Barmer I Transmission Ltd
Scheme: Transmission system for evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/Barmer), Part F (By clubbing Part F1 & F2)
Location: Rajasthan
Estimated cost: Rs.2,735 crore
Scheduled completion: November 7, 2026 [24 months from SPV transfer]
Project SPV: Khavda PS1 and 3 Transmission Ltd
Scheme: Provision of dynamic reactive compensation at KPS1 and KPS2
Location: Gujarat
Estimated cost: Rs.501 crore
Scheduled completion: November 7, 2026 [24 months from SPV transfer]
The schemes will be developed under the build, own, operate & transfer (BOOT) model.
Pending acquisitions
According to information available with T&D India, there are currently three ISTS-TBCB schemes for which PGCIL has been declared winner, and for which the formal transfer of SPV is still pending. These schemes are:
- Khavda V-A Power Transmission Ltd [LoI received on October 24, 2024]
- Bikaner A Power Transmission Ltd [LoI received on October 21, 2024]
- Bikaner B Power Transmission Ltd [LoI received on October 21, 2024]
The formal transfer of these SPVs from bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL), in each case, can be expected to take place in the coming weeks.
PGCIL’s scorecard in FY25
PGCIL has been the most successful developer in the ISTS-TBCB space this fiscal having won 12 schemes out of the 22 awarded in FY25 so far (April 1, 2024 to November 7, 2024). PGCIL’s market leadership is not with respect to just number of schemes but also envisaged project cost and transmission tariff.
Also read: Two ISTS-TBCB projects completed in H1FY25
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