Power Grid Corporation of India Ltd (PGCIL) has been declared successful bidder for developing two ISTS schemes.
In a stock exchange communication, PGCIL said that on July 28, 2023, it received the letter of intent for developing two interstate transmission system (ISTS) schemes under the build, own, operate & transfer (BOOT) mode. PGCIL was declared successful bidder under the tariff-based competitive bidding route.
The two schemes are:
- Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part B1
Scope: The project comprises of establishment of a new 765/400/220kV pooling station at Bhadla-3 and a 765kV double-circuit transmission line traversing Rajasthan, and associated bay extension works.
- Transmission Scheme for Solar Energy Zone in Ananthpuram (Ananthapur) (2,500 mw) and Kurnool (1,000 mw), Andhra Pradesh
Scope: The project comprises of establishment of a new 400/220kV pooling station at a suitable border location between Ananthpuram and Kurnool (in Andhra Pradesh) and two 400kV double-circuit transmission Lines traversing Andhra Pradesh, and associated bay extension works.
Project SPVs, bidding process
According to information available from reliable sources, but not contained in the PGCIL stock exchange filing, the first project discussed above “Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part B1” has been housed under project SPV “Bhadla III Transmission Ltd.” While PGCIL that was the successful bidder, other contenders in the fray included Megha Engineering & Infrastructures Ltd, Tata Power, Sterlite Power and Adani Transmission.
The project SPV for the second project “Transmission Scheme for Solar Energy Zone in Ananthpuram (Ananthapur) (2,500 mw) and Kurnool (1,000 mw), Andhra Pradesh” is “Ananthpuram Kurnool Transmission Ltd.” In the bidding process, those qualified for submission of bids were Megha Engineering & Infrastructures Ltd, Tata Power, Sterlite Power and Renew Transmission Ventures.
For both the projects, the bid process coordinator (BPC) is PFC Consulting Ltd (PFCCL), a wholly-owned subsidiary of Power Finance Corporation Ltd.
Also read: PGCIL Commissions Bikaner ISTS Project In Rajasthan
Bond Issue
In an independent development, PGCIL said that its Committee of Directors for Bonds has approved the raising of up to Rs.5,700 crore in FY24 in multiple tranches to part finance its capex requirement, for providing inter-corporate loans to wholly-owned subsidiaries/JVs and for general corporate purposes. These monies will be securitized by the cash flows of the following four operational SPVs, up to March 2034:
- Powergrid Bhuj Transmission Ltd
- Powergrid Khetri Transmission System Ltd
- Powergrid Medinipur Jeerat Transmission System Ltd
- Powergrid Varanasi Transmission System Ltd
