Power Transmission Line

OVERVIEW

Power Transmission Line

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.

Location :

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
(ckms)
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]
NA
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
Total 7566 13550 MVA

(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.

Jabalpur Transmission Company Limited

Bhopal Dhule Transmission Company Limited

Purulia & Kharagpur Transmission Company Limited

RAPP Transmission Company Limited

Maheshwaram Transmission Limited

Patran Transmission Company Limited

NRSS XXIX Transmission Limited (NTL)

Odisha Generation Phase II Transmission Limited (OGPTL)

East-North Interconnection Company Limited (ENICL)

Gurgaon-Palwal Transmission Limited (GPTL)

JKTPL - JHAJJAR KT TRANSCO PVT LTD.

PrKTCL - Parbati Koldam Transmission Company Limited