Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL), on August 19, 2024, formally handed over two project special purpose vehicles associated with as many ISTS-TBCB schemes to Power Grid Corporation of India Ltd (PGCIL), the successful bidder.
Here are basic details:
Project SPV: Rajasthan IV C Power Transmission Ltd
Project: Transmission system for evacuation of power from Rajasthan REZ Phase-IV (Part 2: 5.5 GW) (Jaisalmer/Barmer Complex): Part C
Project SPV: Rajasthan IV E Power Transmission Ltd
Project: Transmission system for evacuation of power from Rajasthan REZ Phase-IV (Part 2: 5.5 GW) (Jaisalmer/Barmer Complex): Part E
According to information available with T&D India, PGCIL was issued the letter of intent for both these schemes on April 16, 2024 but it is only now that the SPVs have been formally transferred.
The Rajasthan IV-C project covers construction of 765/400kV, 3×1500 MVA & 400/220kV, 5×500 MVA Pooling Station at Mandsaur, 171.75 km of 765kV lines and associated works. Rajasthan IV-E entails a 765kV substation near Rishabdeo, 339.24 km of 765kV line and associated works.
The SPVs were handed over by T.S.C. Bosh, CEO, RECPDCL to the officials of PGCIL including Satya Prakash Dash, Company Secretary, in the presence of senior officials of RECPDCL and Central Transmission Utility of India Ltd, REC, the holding company of RECPDCL, said in a release. [see photograph]
The envisaged completion time for both the projects is 24 months. The aggregate estimated project outlay for the two schemes is around Rs.6,000 crore.
Three formal ISTS-TBCB wins
Following these two projects, PGCIL has a total of three formal ISTS-TBCB wins in FY25 so far. Prior to this, PGCIL formally acquired “Khavda IV-E2 Power Transmission Ltd” on May 30, 2024.
PGCIL is also L1 in at least six ISTS-TBCB schemes, the formal SPV transfer for which is pending. It may also be noted that PGCIL was L1 in a high-profile HVDC-based ISTS-TBCB scheme “Transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part I.” As reported by T&D India on August 19, 2024, the bidding process for this scheme was annulled and fresh bids are now being sought.
According to T&D India estimates, in FY25 so far, six ISTS-TBCB schemes have been formally transferred to successful developers. While PGCIL has won three, Techno Electric & Engineering Company Ltd has clinched two and India Grid Trust (IndiGrid), one.
