India Grid Trust (IndiGrid) has started work on several augmentation works that it has received on RTM basis.
In an investor presentation discussing the financial performance in Q1 (April to June) of FY24, IndiGrid said that it has started construction work on substation augmentation works awarded under the regulated tariff mechanism (RTM) route, during the said quarter.
Such augmentation works are underway at the substations of Kallam, Patran, Prithla and Amargarh.
Project SPV Kallam Transmission Ltd (KTL) is carrying out the Kallam substation augmentation works in Karnataka. KTL is also developing the original project, which is currently under construction, under the tariff-based competitive bidding mechanism. KTL, it may be mentioned, is the first greenfield project of IndiGrid whose portfolio has otherwise been developed through acquisitions of operational assets.
The substation augmentation works at Patran, Prithla and Amargarh are being carried out by Patran Transmission Company Ltd, Gurgaon Palwal Transmission Ltd and NRSS XXIX Transmission Ltd, respectively. Each of these three projects is an interstate TBCB scheme, originally developed by Sterlite Power and later acquired by IndiGrid.
Portfolio
As of June 30, 2023, IndiGrid’s portfolio included 8,468 ckm of transmission lines and 17,550 MVA of substation (transformation) capacity. Besides, IndiGrid also had an operational 100-mw solar power generation plant, as of given date.
The power transmission portfolio of IndiGrid includes 14 interstate TBCB projects (including one under construction – Kallam Transmission) and one intrastate TBCB project. IndiGrid also owns “Parbati Koldam Transmission Ltd” in which Power Grid Corporation of India Ltd (PGCIL) holds 26 per cent equity stake.
Also read: IndiGrid Is Actively Evaluating Transmission Schemes Under TBCB Modality
Acquisition of VRET
In Q1 of FY24, The board of directors of India Grid Trust approved the acquisition of 100 percent units of Virescent Renewable Energy Trust (VRET) along with its Investment Manager (IM) and Project Manager (PM), at an enterprise valuation of Rs.4,000 crore. Sponsored by KKR, VRET is India’s first and only renewable energy Infrastructure Investment Trust (InvIT) comprising a portfolio of 16 operational solar projects through 14 SPVs across seven states and with a cumulative capacity of 538 MWp.
Featured photograph (source: IndiGrid) showing an element of NRSS XXIX Transmission Ltd is for representation only.
