IndiGrid’s Portfolio Assets comprise of thirteen power transmission projects located across several states in India. These projects comprise of 40 EHV overhead power transmission lines, comprising seven 765 kV transmission lines, thirty 400 kV transmission lines and three 132 kV transmission lines, with a total circuit length of approximately 7,570 ckms, eleven substations with approximately 13,550 MVA of transformation capacity and 100 MW (AC) of solar generation capacity, across 18 states and 1 union territory, in India. Majority of our Portfolio Assets have in place long-term TSAs of 35 years or 25 years (in case of ENICL and JKTPL) from the scheduled commercial operation date of the relevant Portfolio Asset. The TSAs have a contract term of 35 years or 25 years (in case of ENICL and JKTPL) from the scheduled commercial operation date, after which we can apply to CERC for renewal if not unilaterally extended by CERC.
Acquisition History :
The Initial Portfolio Assets comprised of two power transmission projects located across four states in India. These projects comprise eight EHV Overhead Power transmission lines, comprising of six 765 kV transmission lines and two 400 kV transmission lines, with a total circuit length of approximately 1,936 ckms, and two sub-stations with 6,000 MVA of transformation capacity.
We acquired three power transmission projects from our sponsor as under the ROFO deed in February 2018. These projects comprise five EHV Overhead Power transmission lines, comprising of five 400 kV transmission lines, with a total circuit length of approximately 1,425 ckms across five states in India. Additionally, as part of our growth strategy of acquiring third-party transmission assets, we acquired Patran Transmission Company Limited ("PTCL") from Techno Electric & Engineering Company Ltd. ("TEECL") in August 2018 with one substation having 1,000 MVA of transmission capacity in Punjab.
Furthermore, in June 2019, IndiGrid successfully completed the acquisition of two power transmission assets, NRSS XXIX Transmission Limited (“NTL”) and Odisha Generation Phase II Transmission Limited (“OGPTL”), from Sterlite Power for an enterprise value of ~INR 50.25 Bn. Additionally, East North Interconnection Company Limited (“ENICL”) was acquired from Sterlite Power for ~INR 10.2 Bn in March 2020.
In Aug 2020, IndiGrid completed acquisition of Gurgaon Palwal Transmission Limited from Sterlite Power at an enterprise value of ~INR 10.8 Bn as part of the Framework Agreement. It also acquired Jhajjar KT Transco Pvt Ltd from Kalpataru Power and Techno Electric at an enterprise value of INR 3.10 Bn. In Jan 2021, IndiGrid completed acquisition of its first cost-plus asset i.e. Parbati Koldam Transmission Ltd. from Reliance Infrastructure. The asset is held under a JV with Power Grid owning 26% in PrKTCL.
In March 2021, we completed one of the largest transmission asset deal in India by acquiring NER-II from Sterlite Power for INR 46.25 Bn. Most recently, we also diversified into renewable sector by acquiring 100% stake in two solar assets with a cumulative capacity of 100 MW (AC) at an enterprise level of INR 6.60 Bn.
The following map shows the locations and breakdown of the Portfolio Assets:
All our Portfolio Assets are located in strategically important areas for electricity transmission connectivity, delivering power from generating centers to load centers to meet inter-regional power deficits. Once a transmission project has been commissioned, it requires relatively low levels of expenditure to operate and maintain, which means that the assets will have the benefit of owning a critical asset without incurring significant operational costs. The transmission line business enjoys a longer asset life of 50 years as compared to other infrastructure projects, such as roads, according to CRISIL. The transmission lines of the Portfolio Assets are predominantly located in areas where developing alternate lines may be challenging due to the terrain, challenges in obtaining rights of way, limited corridors and high construction costs. This puts us in an advantageous position to capitalize the opportunities to increase our power transmission capacity through the same corridor by upgrading our existing systems.
The following table sets forth a summary description of the Portfolio Assets:
|Project Name||Transmission line / sub-station||Configuration||Route length
|Actual commission date||Expiry of term of the TSA||Total transformation
capacity (in MVA)
|Bhopal Dhule Transmission Company Limited||Bhopal - Indore||765 kV S/C transmission line||176||November 19, 2014||March 2049||NA|
|Dhule - Aurangabad||765 kV S/C transmission line||192||December 5, 2014||NA|
|Dhule - Vadodara||765 kV S/C transmission line||263||June 13, 2015||NA|
|Bhopal - Jabalpur||765 kV S/C transmission line||260||June 9, 2015||NA|
|Dhule - Dhule||400 kV D/C transmission line||36||December 6, 2014||NA|
|Bhopal - Bhopal||400 kV D/C transmission line||17||August 12, 2014||NA|
|Bhopal substation||2 x 1,500 MVA 765/400 kV||-||September 30, 2014||3000 MVA|
|Dhule substation||2 x 1,500 MVA 765/400 kV||-||December 6, 2014||3000 MVA|
|JTCL||Jabalpur-Dharamjaigarh||765 kV D/C transmission line||759||September 14, 2015||March 2049||NA|
|Jabalpur-Bina||765 kV S/C transmission line||235||July 1, 2015||NA|
|PKTCL||Kharagpur (WBSETCL)-Chaibasa (PG)||400 kV D/C transmission line||323||June 18, 2016||April 2051||NA|
|Purulia PSP (WB)-Ranchi PG||400 kV D/C transmission line||223||January 7, 2017||NA|
|RTCL||RAPP—Shujalpur||400 kV D/C transmission line||403||March 1, 2016||February 2051||NA|
|MTL||Maheshwaram (PG)—Mehboob Nagar||400 kV D/C transmission line||196||December 14, 2017||December 2053||NA|
|Nizamabad—Yeddumailaram (Shankarpalli)||400 kV D/C transmission line||278||October 14, 2017||October 2053||NA|
|Mehboob Nagar substation of TSTRANSCO||2 x 400 kV line bays||-||-||-||NA|
|Yeddumailaram (Shankarpalli) substation of TSTRANSCO||2 x 400 kV line bays||-||-||-||NA|
|PTCL||Patiala—Kaithal LILO||Loop in loop out of both circuits of 400 kV D/C line at Patran||-||November 12, 2016||November 2051||NA|
|Patran substation||2x500MVA, 400/220kV Substation at Patranwith; i. 6 nos 400kV Bays ii. 8 nos 220kV Bays||-||November 12, 2016||1000 MVA|
|NTL||Samba—Amargarh||400 kV D/C line||546||September 2, 2018||September 2053||NA|
|Uri—Wagoora||400 kV D/C line||14||September 2, 2018||September 2053||NA|
|Jalandhar—Samba||400 kV D/C line||270||June 24, 2016||June 2051||NA|
|Amargarh Substation||400/220 kV D/C line, GIS Substation with 630 MVA of transformation capacity||-||September 2, 2018||September 2053||630 MVA|
|OGPTL||Raipur – Jharsuguda||765kV D/C line||610||April 6, 2019||April 2054||NA|
|Jharsuguda – OPGC||400 kV D/C line||103||August 30, 2017||July 2052||NA|
|ENICL||Bongaigaon-Siliguri||400 kV D/C line||438||November 12, 2014||October 2035||NA|
|Purnia-Biharsharif||400 kV D/C line||458||September 16, 2013||NA|
|GPTL||Aligarh - Prithala||400 kV D/C HTLS line||99||August 06, 2019||July 2054||NA|
|Prithala – Kadarpur||400 kV D/C HTLS line||58||December 7, 2019||July 2054||NA|
|Kadarpur-Sohna Road||400 kV D/C HTLS line||21||March 21, 2020||July 2054||NA|
|LILO of Gurgaon Manesar||400 kV D/C Quad Line||2||March 13, 2020||July 2054||NA|
|Neemrana – Dhonanda||400 kV D/C HTLS Line||93||February 25, 2019||July 2054||NA|
|Kadarpur substation||400/220 kV, 2 x 500 MVA||-||December 11, 2019||July 2054||1000 MVA|
|Sohna Road substation||400/220 kV, 2 x 500 MVA||-||April 13, 2020||July 2054||1000 MVA|
|Prithala substation||400/220 kV, 2 x 500 MVA||-||August 8, 2019||July 2054||1000 MVA|
|Dhonanda substation||Two 400 kV line bays||-||February 25, 2019||July 2054||NA|
|JKTPL||Jharli (Jhajjar) -Kabulpur (Rohtak)||400 kV D/C line||70||March 12, 2012||March 2037 (with an extension period of 10 years by HVPNL)||NA|
|Kabulpur (Rohtak) -Dipalpur (Sonepat)||400 kV D/C line||134||NA|
|Dipalpur substation Abdullapur - Bawana line||400 kV S/C loop in loop out line at 400kV substation Dipalpur of 400 kV D/C line at from Abdullapur-Bawana||1.4||Oct-35*|
|Kabulpur (Rohtak) substation||400 kV/220 kV/ 132 kV||-||830 MVA|
|Dipalpur (Sonepat) substation||400 kV/220 kV/ 132 kV||-||830 MVA|
|PrKTCL||LILO point of Parbati III HEP to LILO point of Parbati Pooling Station||400 kV S/C, Quad Bundle Line, Section of CKt-II of Parbati-II to Koldam Transmission Scheme||3.5||August 01, 2013||35 years from COD i.e. FY 2049-50**, as per Central Electricity Regulatory Commission (Terms and Condition of Tariff) Regulations, 2019||NA|
|Banala – Nalagarh||400 kV S/C along with D/C Quad Bundle Line, Part of Ckt-I of Parbati-II – Koldam Transmission Scheme starting from LILO point of Banala Pooling Station to Tower 9C of Ckt-I of Koldam – Nalagarh TL||66||[October 10, 2014]||NA|
|Banala - Koldam||400 kV S/C alongwith D/C Quad Bundle Line, Part of Ckt-II of Parbati-II – Koldam Transmission Scheme starting from LILO point of Banala Pooling Station to Tower 9E of Ckt-I of Koldam – Nalagarh TL||63||[October 04, 2014]||NA|
|Parbati-II – Banala||400 kV S/C alongwith D/C Quad Bundle Line, Part of Ckt-I of Parbati-II – Koldam Transmission Scheme starting from Parbati-II HEP to LILO point of Banala Pooling Station||14||[November 03. 2015*]||NA|
|Parbati-II – Parbati-III||400 kV S/C alongwith D/C Quad Bundle Line, Part of Ckt-I of Parbati-II – Koldam Transmission Scheme starting from Parbati-II HEP to LILO point of Parbati-III HEP
(Post commissioning of Sainj HEP of HPPCL this section has been connected at Loc.#2 forming Parbati-II – Sainj and Sainj – Parbati-III Sections)
|10||[November 03. 2015*]||NA|
|Koldam – Ludhiana||400 kV D/C, Triple Bundle Line.||301||[Ckt-I: August 07, 2014
Ckt-II: August 14, 2014]
|NER-II Transmission Project||Biswanath Chariyalli (Powergrid) – Itanagar Line||132kV/D/C||135.88||March 2021(1)||November 2055||NA|
|Lilo of one circuit of Biswanath Chariyali (Powergrid)- - Itanagar line at Gohpur (AEGCL).||132kV/D/C||17||March 2021(1)||November 2055||NA|
|Silchar (Powergrid)– Misa (Powergrid) line||400kV/D/C||356||February 2021(2)||November 2055||NA|
|400/132 kV, 2*315 MVA Single phase sub-station at Surajmaninagar||400/132 kV, 2X315 MVA||-||January 2021(3)||November 2055||630 MVA|
|400/132 kV, 2*315 MVA sub-station at P.K. Bari||400/132 kV, 2X315 MVA||-||January 2021(3)||November 2055||630 MVA|
|AGTPP (NEEPCO)– P.K. Bari (TSECL) Line||132kV/D/C||166.90||February 2021(2)||November 2055||NA|
|Surajmaninagar –P.K. Bari Line||400 kV D/C||154.68||January 2021(3)||November 2055||NA|
|Line bays at Itanagar for terminating the Biswanath Chariyalli (Powergrid) – Itanagar line||2X132 kV line bays||-||March 2021(1)||November 2055||NA|
|Line bays at NEEPCO (AGTPP) sub-station for terminating the AGTPP (NEEPCO) – P.K. Bari (TSECL) line||2X132 kV line bays||-||February 2021(2)||November 2055||NA|
|Line bays at PK Bari (TSECL) sub-station for terminating the AGTPP (NEEPCO) – P.K. Bari (TSECL) line||2X132 kV line bays||-||February 2021(2)||November 2055||NA|
|Line bays at Palatana GBPP switchyard for termination of Palatana- Surajmaninagar400 kV D/C line||2X400 kV line bays||-||January 2021(3)||November 2055||NA|
|FRV||Project P2||AC capacity: 50 MW; DC capacity: 68 MWp||NA||July 2018||25 years from declared COD date||NA|
|Project P8||AC capacity: 50 MW; DC capacity: 70 MWp||NA||July 2019||25 years from declared COD date||NA|
(1) Expected commission date. (2) Scheduled commission date. (3) Deemed commission date.
* The transmission line elements have been claimed as commissioned with effect from July 1, 2015 as per the CERC Tariff Petition.
**As per Central Electricity Regulatory Commission(Terms and Condition of Tariff) Regulations, 2019, effective COD for the consolidated project has to be used for the purpose of tariff determination. Based on the true up of tariff for block periods Financial Year 2014-19 and approved tariff for Financial Year 2019-24, effective COD is likely to be in Financial Year 2014-15.