Power Grid Corporation of India has acquired the project SPV for a 6 GW renewable power evacuation system connecting Rajasthan with Maharashtra. Here are the key details.
Power Grid Corporation of India Limited (PGCIL) has acquired 100% of Barmer HVDC Power Transmission Limited for about ₹18.98 crore, taking over the special purpose vehicle for a major interstate transmission project linked to Rajasthan’s renewable energy zone.
The acquisition was completed on September 23, 2026, after Power Grid emerged as the successful bidder under the Tariff Based Competitive Bidding (TBCB) route.
Here are five things to know about the deal and the project.
1. Power Grid has acquired the project SPV
Power Grid bought the entire shareholding of Barmer HVDC Power Transmission Limited from REC Power Development and Consultancy Limited (RECPDCL), the bid process coordinator.
The consideration is approximately ₹18.98 crore, including 50,000 equity shares with a face value of ₹10 each, along with the SPV’s assets and liabilities.
The final acquisition amount remains subject to adjustments based on the company’s audited accounts as of September 23.
2. The project is designed to evacuate 6 GW of renewable power
The project will establish an interstate transmission system for evacuating power from the Rajasthan Renewable Energy Zone (REZ) Phase-IV, Part-5.
It is planned around a capacity of 6,000 MW at the Barmer Complex, with the system connecting Rajasthan to Maharashtra.
The project will be developed under the Build, Own, Operate and Transfer (BOOT) model.
3. It includes a roughly 1,000-km HVDC corridor
A major component is an approximately 1,000-km, ±800 kV HVDC bipole transmission line between Barmer-II in Rajasthan and South Kalamb in Maharashtra.
The corridor will pass through Rajasthan, Gujarat and Maharashtra.
The project also includes:
- 6,000 MW ±800 kV HVDC terminals at Barmer-II and South Kalamb
- Augmentation of the South Kalamb substation
- 400 kV transmission lines in Rajasthan
- Associated bays
- Two SynCon units at Barmer-II Power Station
The scale of the corridor reflects the infrastructure being built to move large volumes of electricity from renewable-energy zones to the wider interstate grid.
4. The SPV is new and has not started commercial operations
Barmer HVDC Power Transmission Limited was incorporated on September 30, 2025, by RECPDCL under the Ministry of Power’s guidelines for competitive bidding of transmission projects.
The company has not commenced commercial operations and consequently reported no turnover during the previous three years.
Its role will be to operate in India’s power transmission sector once the project becomes operational.
5. CERC approvals are the next key step
The acquisition does not by itself mean the transmission system is ready for commercial operation.
Barmer HVDC Power Transmission Limited will need approvals from the Central Electricity Regulatory Commission (CERC) for the grant of a transmission licence and adoption of transmission charges.
For Power Grid, the immediate task is therefore to move the project through the regulatory and development stages before the planned transmission infrastructure can become operational.
What the deal means
The ₹18.98-crore transaction is essentially the acquisition of the project vehicle rather than the purchase of an already operating transmission asset. The larger undertaking is the development of the 6 GW, roughly 1,000-km HVDC system connecting Rajasthan and Maharashtra.
With renewable capacity continuing to expand in Rajasthan, projects of this scale will be central to connecting generation in resource-rich areas with the interstate power network.