EnerGrid, a new platform co-promoted by IndiGrid, will start bidding for greenfield projects by the end of FY25.
In a release, IndiGrid said that EnerGrid is expected to start bidding for greenfield transmission and battery energy storage projects by the end of the ongoing fiscal.
It may be recalled that IndiGrid announced that it has deepened its partnership with British International Investment (BII) and the Norwegian Climate Investment Fund (Norfund), to form a new platform – EnerGrid.
EnerGrid will receive an aggregate investment of $300 million which will be contributed equally by the three partners. This platform will focus on bidding and developing greenfield transmission and standalone battery energy storage system (BESS) projects in India.
Meanwhile, during Q3 FY25, IndiGrid signed the Battery Energy Storage Purchase Agreement (BESPA) for the BESS project in Rajasthan, won earlier this year. With an estimated capital expenditure of around Rs.750 crore, the project will be built over the next 18 months.
RTM projects
During Q3FY25, IndiGrid commissioned two augmentation projects under two of its TBCB subsidiaries – Purulia & Kharagpur Transmission Company Ltd and Kallam Transmission Ltd. These projects were awarded to IndiGrid under the regulated tariff mechanism (RTM) mode, and were constructed on a “cost-plus” basis.
According to information available with T&D India, the RTM scheme of Kallam Transmission Ltd involved capacity augmentation by 2×500 MVA, 400/220kV at the Kallam Pooling Station in Maharashtra that was built by Kallam Transmission Ltd under the tariff-based competitive bidding (TBCB) modality.
Consistent performance
Commenting on the quarter, Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said, “We delivered yet another quarter of consistent performance providing predictable yield for our unitholders in-line with our guidance. During the quarter, we signed the BESPA for our Rajasthan BESS project and commissioned two RTM augmentation projects. Further, we finalized all details of our partnership with BII and Norfund and signed definitive agreements to set up EnerGrid. As the platform gears to start its bidding journey, we foresee it playing a pivotal role in driving growth for IndiGrid.”
Transmission portfolio
As of December 31, 2024, IndiGrid had 18 operational power transmission assets spanning 18 states and one Union territory. Dominated by 15 ISTS-TBCB projects, the overall portfolio was worth 8,464 ckm of transmission lines and 17,550 MVA of transformation capacity, spread over 59 revenue-generating elements.
Speaking of the under-construction power transmission portfolio of IndiGrid as of December 31, 2024, it included the following three ISTS-TBCB schemes:
- Ishanagar Power Transmission (Maharashtra, 18 ckm, 3000 MVA)
- Dhule Power Transmission Ltd (Madhya Pradesh, 70 ckm, 2000 MVA)
- Kallam Transco Ltd (Maharashtra, 60 ckm)
Featured photograph (source: IndiGrid) shows a transmission line under “East-North Interconnection Ltd,” an operational TBCB power transmission asset of IndiGrid.
