PGCIL Acquires 3 Transmission Project SPVs from RECPDCL

Power Grid Corporation of India Ltd. (PGCIL) has officially acquired three project-specific Special Purpose Vehicles (SPVs) under the ISTS Transmission Project through the TBCB route from REC Power Development and Consultancy Ltd. (RECPDCL), a wholly owned subsidiary of REC Ltd., a Maharatna CPSU.

RECPDCL provides consultancy services and executes power projects for state distribution companies and power departments. PGCIL emerged as the successful bidder under the Tariff-Based Competitive Bidding (TBCB) process. The acquired SPVs include Banaskantha Transco Ltd., Kurnool-IV Transmission Ltd., and Rajasthan V Power Transmission Ltd. According to an official release, the projects will be executed on a Build, Own, Operate, and Transfer (BOOT) basis.

During the project handover ceremony, T.S.C. Bosh, CEO of RECPDCL, formally transferred the SPVs to Pankaj Pandey, Executive Director of PGCIL. The event was attended by senior officials from RECPDCL, PGCIL, and the Central Transmission Utility of India Ltd. (CTUIL). The acquisition of these transmission projects is aimed at enhancing grid stability and enabling efficient power evacuation across critical regions.

The Banaskantha Transco Ltd. project involves increasing the transformation capacity at the Banaskantha (Raghanesda) Substation, including the installation of 2×500 MVA, 400/220 kV Interconnecting Transformers (ICTs) and associated works, at a cost of INR 143.35 crore.

The Kurnool-IV Transmission Ltd. project encompasses the establishment of a 4×1500 MVA, 765/400 kV and 4×500 MVA, 400/220 kV Kurnool-IV Pooling Station near Kurnool, Andhra Pradesh, along with the development of 765 kV transmission lines covering 375 km from Kurnool-IV to Bidar and 127 km from Kurnool-IV to Kurnool-III. The total project cost is INR 4,727.05 crore.

The Rajasthan V Power Transmission Ltd. project focuses on the immediate evacuation of 2 GW of power from the Sirohi substation and additional transmission infrastructure for the common evacuation of 2 GW from the Sirohi Pooling Station (PS) and Merta-II Pooling Station (PS). The project cost is INR 4,736.23 crore. Each of these projects is expected to be completed within 24 months.

Separately, RECPDCL also transferred another project-specific SPV, Ratle Kiru Power Transmission Ltd., to IndiGrid 2 Pvt. Ltd.