IndiGridMumbai, Tuesday,3rd January 2024: IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first listed power sector infrastructure investment trust (InvIT), today announced that it has received Letters of Intent (“LOI”) from REC Power Development and Consultancy Limited for construction of two greenfield inter-state transmission projects, won through the Tariff Based Competitive Bidding (TBCB) mechanism. Both projects are to be developed on a Build, Own, Operate, and Transfer (BOOT) basis for 35 years. With a total estimated capital expenditure of over INR 1,000 crores, both projects have a construction timeline of ~24 months each.

The first project, with annual transmission charges of ~INR 530 million post-commissioning, is for the evacuation of power from the Dhule 2GW renewable energy zone. The project includes the construction of a 400/220 kV pooling station of 4×500 MVA capacity along with a 400 kV D/C line of ~70 km.

The second project, with annual transmission charges of ~INR 625 million post-commissioning, is for the establishment of the Western Region Expansion Scheme XXXIII (WRES-XXXIII) Part-C. The project includes construction of two substations in Madhya Pradesh – a 765 /400 kV substation of 2×1500 MVA capacity and a 400/220 kV substation of 2×500 MVA capacity – and a LILO single circuit 765 kV D/C line of ~18 km. The substations are designed to cater to the electricity demand of the proposed green hydrogen plant in the nearby area, loads in Chhatarpur, Tikamgarh & Jatara areas, and for interconnection of 630 MW NTPC Barethi Solar Plant.

Commenting on the acquisition, Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said,” India’s transmission sector is witnessing tremendous growth to cater to the increased energy demand and higher evacuation needs from existing and upcoming renewable generation centers.

Over the years, IndiGrid has developed its capability for the development of greenfield projects. Greenfield projects provide us with an opportunity to drive growth and pipeline while ensuring asset quality and reliability. We have created a robust balance sheet and headroom for growth with recent capital raise.”

By Sujata