PowerGrid Corporation of India Limited, a Maharatna PSU, has completed the acquisition of Barmer HVDC Power Transmission Limited for ₹18.98 crore, marking a significant milestone in the company's renewable energy transmission expansion. The acquisition was completed on September 23, 2026, pursuant to PowerGrid's selection as the successful bidder under the Tariff Based Competitive Bidding (TBCB) route. The SPV will operate under the tariff-based competitive bidding (TBCB) framework, where long-term deals are awarded to the lowest priced qualified bidder. PowerGrid acquired the SPV from bid process coordinator (BPC) REC Power Development & Consultancy Limited, with the deal involving 50,000 equity shares at par value of ₹10 each. The acquisition requires final CERC approvals for transmission license and tariff adoption before proceeding with physical infrastructure deployment.
The acquired SPV will implement the transmission system associated with the 'Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-5: 6 GW) (Barmer Complex) Barmer-II: 6 GW (Solar) (LCC Configuration)' inter-state transmission project. The project involves the establishment of 6000 MW, ±800 kV HVDC terminals at Barmer-II in Rajasthan and South Kalamb Substation in Maharashtra, along with the augmentation of the South Kalamb Substation. Key components include construction of a ±800 kV HVDC bipole line between Barmer-II and South Kalamb spanning approximately 1000 km through Rajasthan, Gujarat, and Maharashtra, construction of 400 kV transmission lines traversing Rajasthan along with associated bays, and installation of two SynCon units at Barmer-II Pumped Storage (PS) along with associated bays. The HVDC portion includes establishment of +/-800 kV, 6000 MW Barmer-II(HVDC) [LCC] terminal station, +/-800 kV, 6000 MW, South Kalamb (HVDC) [LCC] terminal station along with Barmer-II – South Kalamb +/-800 kV HVDC Bipole Line. The project will transmit 6 GW of renewable power from Rajasthan to South Kalamb in Maharashtra on a BOOT basis.
According to ZeeBiz, as of August 31, PowerGrid had commissioned and was operating 292 sub-stations and more than 1,86,952 ckm transmission lines and 6,38,566 MVA of transformation capacity. The company has maintained an average transmission system availability of more than 99.80 per cent through the adoption of latest technological tools, enhanced use of automation and digital solutions. This project represents a major step towards strengthening the country's renewable energy transmission infrastructure and facilitating large-scale integration of solar power into the national grid. The use of High-Voltage Direct Current technology is vital for carrying massive blocks of power across 1000 km with minimized transmission losses, positioning the company as the central driver of India's green energy corridor.
The acquisition secures a clear execution path for the ₹3,244.33 crore annual transmission tariff project, supporting long-term revenue visibility. PowerGrid received the Letter of Intent for the Rajasthan REZ Ph-IV project at ₹3,244.33 crore of annual transmission charges on September 2, 2026. The company is backed by a strong ₹1,76,000 crore work-in-hand pipeline, ensuring clear long-term revenue visibility. However, the aggressive tariff quoted in e-reverse auctions could slightly pressure margins during peak execution if material costs escalate. The project reinforces the utility's regulated returns model, though execution challenges around right-of-way and execution timelines persist. Additionally, PowerGrid secured an 80 billion yen loan (approx. ₹4,700 crore) from Japan Bank for International Cooperation in June 2026 to finance green corridors, demonstrating strong financial backing for major infrastructure projects.
As reported by ZeeBiz, PowerGrid shares rose 1.7 per cent to close at ₹270.4 apiece on BSE following the announcement. At current levels, the stock has more than doubled in the past five years, sharply outperforming the Nifty 50's 31.3 per cent rise. In August, the PSU reported a net profit of ₹3,598.4 crore for the quarter ended June 30, compared to ₹3,630.6 crore for the corresponding period a year ago. The company's June-quarter top line grew 2.2 per cent on a year-on-year basis to ₹11,696.7 crore, according to a regulatory filing.
