India Grid Trust (IndiGrid) has estimated that a bid pipeline of over Rs.65,000 crore in the power transmission sector.
In an investor presentation discussing the company’s performance in Q2 (July to September) of FY25, IndiGrid said that the bid pipeline in the power transmission sector is around Rs.65,147 crore. This mainly includes interstate transmission system (ISTS) projects where requests for proposal (RfP) have already been issued.
Besides, IndiGrid has also estimated the opportunity size the battery energy storage system (BESS) space to be around Rs.3,500 crore, mainly coming from projects in Gujarat and Uttar Pradesh.
During Q2FY25, IndiGrid announced launch of its partnership with British International Investment (BII), UK’s development finance institution and impact investor, the Norwegian Climate Investment Fund, managed by Norfund, and Techno Electric & Engineering Company Limited (Techno)to collaboratively undertake development of IndiGrid’s three greenfield ISTS projects.
Further adding to its BESS portfolio, IndiGrid was declared as the L1 bidder for a 250 MW/ 500 MWh capacity BESS project in the reverse auction process conducted by NTPC VidyutVyapar Nigam (NVVN). This is part of a larger 500 MW /1,000 MWh project bid out by NVVN under the viability gap funding (VGF) scheme for BESS. With this, IndiGrid’s BESS under-construction portfolio will be at 450 MW /900 MWh capacity, enabling it to better leverage the economies of scale benefits, IndiGrid said in a release.
As of September 30, 2024, IndiGrid owned 41 power projects, consisting of 49 transmission lines with more than 8,700 ckm length, 15 substations with around 22,550 MVA transformation capacity, and 855MWAC (1.1 GWp) of solar generation capacity.
IndiGrid’s assets under management (AUM) currently stand at over Rs.297 billion (around $3.5 billion).
Eventful quarter
Commenting on the quarter, Harsh Shah, Chief Executive Officer & Whole Time Director of IndiGrid, said, “It was an eventful quarter for IndiGrid. We delivered strong growth on the back of our FY2023-24 strategic initiatives and continued to maintain a healthy growth headroom through a well-timed fund-raise.
The belief that reputed Development Financial Institutions and marquee investors have showcased in IndiGrid through their partnership for development of our greenfield ISTS projects and also by participating in our preferential issue, is a validation of our growth strategy.
It is our consistent endeavor to identify and successfully deliver on meaningful growth opportunities across both brownfield and greenfield expansion prospects.”
Change in name
IndiGrid (India Grid Trust) has received board approval to change its name to “IndiGrid Infrastructure Trust.” Approval from unitholders will now be sought to effect the change. The change in name follows an advisory by Securities & Exchanges Board of India (SEBI) that prescribes removal of words like “India,” “Indian,” “National” and “Bharat” from names of infrastructure investment trusts (InvITs) to avoid suggesting any inadvertent patronage from the Government of India.
Featured photograph (source: IndiGrid) is for representation only
