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PGCIL acquires two ISTS-TBCB projects in Rajasthan

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On August 19, 2024, REC Power Development & Consultancy Ltd (RECPDCL) officially transferred two special purpose vehicles (SPVs) related to ISTS-TBCB schemes to Power Grid Corporation of India Ltd (PGCIL). The SPVs—Rajasthan IV C Power Transmission Ltd and Rajasthan IV E Power Transmission Ltd—are linked to the transmission system for evacuating power from Rajasthan REZ Phase-IV (5.5 GW) in the Jaisalmer/Barmer Complex.

PGCIL received the letter of intent for these projects on April 16, 2024, but the formal transfer was completed only now. The Rajasthan IV-C project includes constructing a 765/400kV substation and 171.75 km of 765kV transmission lines. The Rajasthan IV-E project features a 765kV substation and 339.24 km of 765kV lines. The estimated total cost for these projects is around Rs 60 billion, with a completion timeline of 24 months.

This transfer brings PGCIL’s formal ISTS-TBCB wins in FY25 to three, following its acquisition of the Khavda IV-E2 project in May 2024. PGCIL also remains the lowest bidder in six additional ISTS-TBCB schemes, awaiting formal transfer. So far in FY25, six ISTS-TBCB projects have been transferred to developers, with PGCIL securing three.

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