Power Grid Corporation of India Ltd (PGCIL) has acquired two project special purpose vehicles for the development of as many interstate transmission system (ISTS) schemes.
Both the two SPVs were acquired from bid process coordinator PFC Consulting Ltd (PFCCL) on March 21, 2025, PGCIL said in stock exchange filings. These SPVs were incorporated as wholly-owned subsidiaries of PFCCL.
PGCIL won these two ISTS schemes under the tariff-based competitive bidding (TBCB) framework.
Here are broad details of the two schemes:
Project SPV: Chitradurga Bellary REZ Transmission Ltd
ISTS scheme: Transmission system for integration of Davanagere/Chitradurga and Bellary REZ in Karnataka
Location: Karnataka
Other bidder(s)**: Adani Energy Solutions Ltd, Resonia (formerly Sterlite Power), DRAIPL*, JSW Neo Energy
Project cost: Rs.3,453 crore (as estimated by NCT)
Mode of development: BOOT (build, own, operate & transfer)
Completion period: 24 months (for Davanagere REZ) & 30 months (for Bellary REZ)
Key elements: New pooling station (PS) at Davanagere/Chitradurga (765/400kV, 4×1500 MVA and 400/220kV, 4×500 MVA); LILO of 765kV double-circuit Narendra (New) to Madhugiri line at the new PS.
Project SPV: Fatehgarh II and Barmer I PS Transmission Ltd
ISTS scheme: Augmentation at Fatehgarh-II PS, Fatehgarh-IV PS (Section-II) and Barmer-I PS
Location: Rajasthan
Other bidder(s)**: Apraava Energy
Project cost: Rs.404 crore (as estimated by NCT)
Mode of development: BOOT (build, own, operate & transfer)
Completion period: 21 months (for Fatehgarh-II PS) and 24 months for remaining two PS
Key elements: 765/400kV, 1×1500 MVA ICT at Fatehgarh-II PS; 400/220kV, 3×500 MVA ICTs at Fatehgarh-IV PS (Section-II); 400/220kV, 2×500 MVA ICTs at Barmer-I PS.
Details on PGCIL’s winning tariffs (annual transmission charge) for the two schemes are not yet available.
PGCIL’s ISTS-TBCB performance in FY25
According to estimates made by T&D India, in FY25 so far (April 1 up to March 21, 2025), PGCIL has won 22 ISTS schemes under the TBCB regime, out of a total of 39 schemes. Only schemes that have been formally transferred to winning developers by the respective bid process coordinators are being considered here. Specifically, those where bidders have been named L1 or have been issued the letter of intent are not factored here.
Upcoming ISTS-TBCB schemes of PFCCL
It is estimated that there are at least four ISTS-TBCB schemes, being handled by PFCCL, which are expected to be transferred to winning developers in the coming weeks. These scheme are housed under project SPVs: NER Expansion Transmission Ltd, Kurnool III PS RE Transmission Ltd, Kandla GHA Transmission Ltd and Anantapur II REZ Transmission Ltd.
Also read: PGCIL accords investment approval to two RTM projects
Notes: *DRAIPL = Dineshchandra R. Agarwal Infracon Pvt Ltd; **shows bidders that were qualified for opening of initial price bids, not necessarily those that made it to the final e-reverse auction stage.
