Power Grid Corp of India to Invest Rs 330 Cr in Transmission Project

Power Grid Corporation of India has revealed its plans to invest in the expansion of the renewable energy infrastructure in the country. In a regulatory filing, the power transmission company said that the Board of Power Grid has approved an investment proposal of Rs 330.61 crore for the development of transmission system that will help in the evacuation of green power from renewable energy zones (REZ) that are based in Rajasthan.

The filing informed that the committee of directors on investment on projects accorded approval for the investment. The transmission system will evacuate green energy from the Rajasthan REZ that has a capacity of 20GW and its being built under Phase-III Part-J.

In September, RK Tyagi, Power Grid Corporation’s Director for Operations, revealed the intentions of the company to invest in energy storage projects to help India reach the target of 500 GW non fossil fuel-based power capacity by 2030. According to reports, the official said that Power Grid will invest in the area as it has connectivity with the grid and availability of land, besides having experience in asset management.

The company is also investing more than Rs 120 crore in the evacuation infrastructure for renewable energy uptake from Tirunelveli and Tuticorin Wind Energy Zone 500 MW and it is scheduled to be commissioned by March, 2023.

In April, Chairman and Managing Director (CMD) K Sreekant announced that Power Grid will establish a Renewable Energy Management Centre (REMC) with 100 per cent grant of Rs 17.6 crore at Vidyut Soudha, Hyderabad. The object is to employ artificial intelligence-based forecasting and scheduling tools at the centre for greater visualisation and enhanced decision making as far as load dispatch operations are concerned.

PGCIL has been established by the Central Government as the key transmission utility of India. The Government of India (GoI) owns a 51% stake in the company. According to the financial disclosure by Power Grid, the consolidated net profit rose 8.1% to Rs 3,650.16 crore on 8.6% increase in net sales to Rs 11,150.57 crore in second quarter of FY23 over the corresponding quarter of FY22.