Power Grid Corporation of India Ltd (PGCIL) has secured the letter of intent (LoI) for the project, titled “Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3),” in Gujarat through tariff-based competitive bidding, marking its fourth ISTS-TBCB win in September 2024.
The project involves the installation of STATCOMs at KPS1 and KPS3 to manage high voltage fluctuations caused by intermittent renewable energy in the region. The estimated cost is Rs 5.01 billion, with a 24-month gestation period. PGCIL will handle the project on a build, own, operate, and transfer (BOOT) basis.
PGCIL emerged as the successful bidder after competing with Adani Energy Solutions Ltd (AESL), with the final bids overseen by PFC Consulting Ltd (PFCCL). The project will be managed under a special purpose vehicle (SPV), “Khavda PS1 and 3 Transmission Ltd,” which will be transferred to PGCIL.
This win adds to the previous three LoIs received by PGCIL in September for other ISTS schemes, highlighting its strong performance in FY25.