Power Grid Corporation of India Ltd (PGCIL) has completed the acquisition of two project special purpose vehicles for development of interstate transmission system (ISTS) schemes, from the bid process coordinator.
In two separate stock exchange notifications, PGCIL announced that it has completed the acquisition of two project SPVs – Bidar Transmission Ltd and Sikar Khetri Transmission Ltd – on February 9, 2024, from REC Power Development & Consultancy Ltd (RECPDCL), the BPC for both the schemes.
PGCIL won these two schemes under the tariff-based competitive bidding (TBCB) route, and will now proceed to develop these under the build, own, operate & maintain (BOOM) mode.
The ISTS schemes housed under these two project SPVs are:
SPV: Bidar Transmission Ltd
Scheme: Transmission Scheme for Solar Energy Zone in Bidar (2500 MW), Karnataka
Implementation period: 24 months
Project cost: Rs.2,400 crore (approx)
Winning tariff: Rs.236.809 crore per year
Other qualified bidders: Megha Engineering & Infrastructure, Sterlite Power
Major project elements:
- A new 3×1500 MVA (765/400kV), 5×500 MVA (400/220kV) pooling station at suitable border location near Bidar in Karnataka with 765kV (1×240 MVAR) and 400kV (1×125 MVAR) bus reactor
- A 765kV double-circuit line between the upcoming Bidar PS and the existing Maheshwaram GIS substation of PGCIL in Telangana [242 route km]
- Two 765 kV GIS line bays at PGCIL’s Maheshwaram GIS substation
SPV: Sikar Khetri Transmission Ltd
Scheme: Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part D – Phase I
Implementation period: 18 months
Project Cost: Rs.2,420 crore (approx)
Winning tariff: Rs.214.730 crore per year
Other qualified bidders: Adani Energy Solutions, Sterlite Power
Major project elements:
- A 765kV double-circuit line from Sikar-II to Khetri [90 route km]
- A 765kV double-circuit line from Sikar-II to Narela along with 240 MVAr switchable line reactor for each circuit at each end of Sikar-II – Narela 765kV line [260 route km]
The two SPVs will now proceed to complete formalities like applying for ISTS transmission licence from Central Electricity Regulatory Commission (CERC), adoption of transmission tariff, etc, before project implementation begins.
These project SPVs were incorporated by RECPDCL as its wholly-owned subsidiaries. As a corollary, these SPVs have ceased to be subsidiaries of RECPDCL, effective February 9, 2024.
TBCB in 2024
According to an analysis by T&D India, in 2024 so far, four ISTS schemes have been awarded under the TBCB route. While PGCIL has won two (Bidar and Sikar Khetri, discussed above), two others – Dhule Power Transmission Ltd and Ishanagar Power Transmission Ltd – have both been won by India Grid Trust (IndiGrid).
Also read: PGCIL SPV Receives ISTS Licence For RTM Project
Featured photograph is for representation only.
