Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL), on March 24, 2025, transferred four special purpose vehicles (SPVs) corresponding to as many interstate transmission system (ISTS) schemes, to their respective winning developers selected under the tariff-based competitive (TBCB) mechanism.
While Power Grid Corporation of India Ltd (PGCIL) won three schemes, the fourth went to IndiGrid 2 Pvt Ltd (IndiGrid). These bidders emerged successful under the TBCB framework.
The project SPVs were originally incorporated as wholly-owned subsidiaries of RECPDCL and will now become subsidiaries of the respective winning developers.
Here are broad details of the four schemes:
Project SPV: Banaskantha Transco Ltd
Winning developer: PGCIL
Others bidder(s): KCC Buildcon Pvt Ltd
Scheme: Augmentation of transformation capacity at Banaskantha (Raghanesda) PS (GIS)
Location: Gujarat
Scope of work: Augmentation of transformation capacity at the Banaskantha (Raghanesda) Pooling Station (GIS) by installing 2×500 MVA, 400/220 kV ICTs, along with associated works
Estimated project cost: Rs.143.35 crore
Estimated completion time: 24 months
Project SPV: Kurnool-IV Transmission Ltd
Winning developer: PGCIL
Others bidders: Adani Energy Solutions Ltd, Resonia (formerly Sterlite Power), Tata Power, Megha Engineering
Scheme: Transmission system for integration of Kurnool-IV REZ – Phase-I (for 4.5 GW)
Location: Andhra Pradesh
Scope of work: Establishment of a 4×1500 MVA, 765/400kV and 4×500 MVA, 400/220kV Kurnool-IV Pooling Station near Kurnool, Andhra Pradesh. It also includes 765kV transmission lines spanning 375 km from Kurnool-IV to Bidar and 127 km from Kurnool-IV to Kurnool-III, along with other associated works.
Estimated project cost: Rs.4727.05 crore
Estimated completion time: 24 months
Project SPV: Rajasthan V Power Transmission Ltd
Winning developer: PGCIL
Others bidders: Adani Energy Solutions Ltd, Resonia (formerly Sterlite Power)
Scheme: Transmission system for evacuation of power from Rajasthan REZ Phase-V (Part 1: 4 GW) [Sirohi/Nagaur] Complex
Location: Rajasthan
Scope of work: Establishment of 5×500 MVA, 400/220kV ICTs at Sirohi substation along with transformer bays; 765kV D/C line (around 320 km) from Sirohi to Mandsaur Pooling Station; 765kV D/C line (around 260 km) from Mandsaur PS to Khandwa (New) substation, and other associated works
Estimated project cost: Rs.4736.23 crore
Estimated completion time: 24 months
Project SPV: Ratle Kiru Power Transmission Ltd
Winning developer: IndiGrid
Others bidders: PGCIL, Adani Energy Solutions Ltd, Resonia (formerly Sterlite Power)
Scheme: Transmission system for evacuation of power from Ratle HEP (850 MW) and Kiru HEP (624 MW): Part A
Location: UT of Jammu & Kashmir
Scope of work: 400kV line (of about 150 km) line between Samba (J&K) and Jalandhar (Punjab), 400kV line (around 35 km) between Kishenpur (J&K) and Samba, including other associated works
Estimated cost: Rs.1,407.44 crore
Estimated completion time: 24 months
Also read: RECPDCL formally transfers “Rajasthan IV 4B Power Transmission” to DRAIPL
Featured photograph shows formal transfer of three SPVs by RECPDCL to PGCIL, in a function held at Gurugram on March 24, 2025.
