Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL), on October 15, 2024, formally handed over the project SPV “Rajasthan IV H1 Power Transmission Ltd” to successful bidder Power Grid Corporation of India Ltd (PGCIL), under the tariff-based competitive bidding (TBCB) route.
PGCIL emerged as the transmission service provider (TSP) through the TBCB process conducted by RECPDCL, for development of the above transmission project on BOOT (Build, Own, Operate & Transfer) basis.
The project covers establishment of 765/400kV (2×1500 MVA), 400/220kV (2×500 MVA) and 220/132kV (3×200 MVA) Kurawar substation in Madhya Pradesh, with 2×330 MVAR, 765kV bus reactor and 1×125 MVAR, 420kV bus reactor along with associated works. The project is targeted for implementation in 24 months.
The SPV was handed over by T.S.C. Bosh, CEO, RECPDCL to Satyaprakash Dash, Company Secretary, Power Grid Corporation of India Ltd in the presence of senior officials of RECPDCL, PGCIL and Central Transmission Utility of India Ltd. (See photograph)
Four in the fray
According to information available with T&D India, PGCIL was contending with other bidders like Adani Energy Solutions Ltd, Tata Power and Sterlite Power for this project. PGCIL’s winning bid (annual tariff) was Rs.2,734.85 million per year.
This ISTS-TBCB scheme is formally known as “Transmission system for evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/Barmer), Part H1” and is estimated to cost Rs.3,674 crore as estimated by National Committee on Transmission (NCT).
Eighth ISTS-TBCB win of FY25
For PGCIL, this acquisition represents the eighth such in FY25 so far, the earlier seven being:
- Khavda IV-E2 Power Transmission Ltd
- Rajasthan IV C Power Transmission Ltd
- Rajasthan IV E Power Transmission Ltd
- Sirohi Transmission Ltd
- Beawar-Mandsaur Transmission Ltd
- Bhadla-III Power Transmission Ltd
- Bhadla-III & Bikaner-III Transmission Ltd
According to estimates made by T&D India, “Rajasthan IV H1” is the 15th ISTS-TBCB scheme to be formally awarded to winning developers in FY25 so far. While PGCIL has been most successful with eight wins, Adani Energy Solutions Ltd (AESL), Sterlite Power, Apraava Energy, G R Infraprojects, Techno Electric & Engineering and IndiGrid are amongst the winning developers.
More formal acquisitions for PGCIL
PGCIL has been named as successful developer for at least four ISTS-TBCB schemes but for which the formal SPV transfer is pending. These schemes are: South Olpad Transmission Ltd, Barmer I Transmission Ltd, Khavda PS1 and 3 Transmission Ltd and Jam Khambhaliya Transmission Ltd. Incidentally, all these four projects have PFC Consulting Ltd (PFCCL) as the bid process coordinator.
It may also be noted that Tata Power has emerged as successful bidder for an ISTS-TBCB scheme incorporated under “Paradeep Transmission Ltd.” This project SPV is also pending formal transfer.
Also read: PGCIL named successful bidder for “Barmer I Transmission Ltd”
