Power Grid Corp. on Monday said it emerged as the successful bidder under tariff-based competitive bidding to establish an interstate transmission system for the Khavda renewable energy project in Gujarat. The company received the letter of intent for the system on a build, own, operate and transfer (BOOT) basis, according to an exchange filing.
The project comprises the installation of static synchronous compensators (STATCOMs) at Khavda Pooling Station 1 and Khavda Pooling Station 3, along with associated bay extension work in Gujarat.
Khavda, identified as the world’s largest renewable energy park, is expected to significantly contribute to India's renewable energy targets. The project aims to address the infrastructure needs for evacuating clean energy from the park, thus supporting the country’s decarbonisation efforts.
Earlier this month, Adani Energy Solutions Ltd. secured the contract for the Khavda Phase-IV Part-A transmission network to evacuate 7 GW of renewable energy from the Khavda Renewable Energy Park into the National Grid.
The project, which involves approximately 298 kilometres of transmission lines (596 circuit kilometres) and an investment of around Rs 4,091 crore, is set to be completed in the next 24 months.
Last week, Power Grid won the bid to establish a new substation and associated bay extension works at other existing substations in Gujarat.
Shares of Power Grid closed flat at Rs 341.05 apiece, ahead of the announcement, compared to a gain of 0.45% for the benchmark BSE Sensex.
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