The power transmission portfolio of India Grid Trust (IndiGrid) crossed 8,500 ckm, as of March 31, 2024.
In a release, IndiGrid said that its power transmission portfolio comprising 41 projects and 49 transmission lines touched 8,692 ckm, as of March 31, 2024. Besides, IndiGrid owned 15 substations with aggregate transformation capacity of around 22,550 MVA.
On the renewable energy side, it had a solar generation capacity of around 885 MWAC, translating to around 1.1 GWp.
IndiGrid’s assets under management (AUM) were worth over Rs.283 billion, as of March 31, 2024.
Operational review
During Q4 (January to March) of FY24, IndiGrid operationalized Kallam Transmission Ltd, which was IndiGrid’s first greenfield power transmission project. It was won under the tariff-based competitive bidding (TBCB) route.
IndiGrid continued its winning streak adding another greenfield ISTS project to its portfolio in Q4 of FY24. Won on TBCB basis, this project is based in the Osmanabad District of Maharashtra and has an estimated capex ofRs.1,350 million.
Another winning moment for IndiGrid was receiving the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd (GUVNL) to design, supply, test, install, commission, operate and maintain a 180 MW / 360 MWh Battery Energy Storage System (BESS) in Gujarat.
With this, IndiGrid has won a total of five greenfield projects during FY24 comprising three power transmission projects and two battery energy storage system (BESS) projects, with a estimated outlay of Rs.2 billion
Captive BESS
Over the last 12-18 months, IndiGrid has made conscious investments towards enhancing its capabilities in the battery energy storage space by setting up captive BESS systems at its own substation and developing a comprehensive partner ecosystem. This has helped IndiGrid emerge as the successful bidder on two BESS projects during FY24.
Acquisition of RSUPL
During the quarter, IndiGrid also consummated the transaction to acquire RSUPL, a 300 MW (AC) solar asset located in Jaisalmer, Rajasthan, at an enterprise valuation of Rs.15,500 million (excluding NWC and cash). With this acquisition IndiGrid’s solar portfolio stands at around 1.1 GW of peak capacity.
Transformational year
According to Harsh Shah, Chief Executive Officer & Whole Time Director of IndiGrid, “FY24 has been a transformational year for us. Sizable pipeline on transmission sector bids and successful commissioning of our first TBCB foray have fueled further growth opportunities. We have won five projects across greenfield ISTS and BESS projects which will result in growth in the coming years.”
Also read: IndiGrid Operationalizes Its First Greenfield Project
Featured photograph (source: IndiGrid) is for representation only.
