Power Grid Acquires Barmer HVDC Project SPV

Aggregate acquisition value: Rs 18.98 crore.
Project capacity: 6 GW power evacuation system.

Reader Takeaway: The acquisition secures a major 6 GW renewable evacuation project, though it remains subject to CERC regulatory approvals.

What just happened

Power Grid Corporation of India has officially acquired 100% of the equity shares of Barmer HVDC Power Transmission Limited. The transaction was finalized on September 23, 2026, through the Tariff Based Competitive Bidding (TBCB) framework. The target entity was originally set up by REC Power Development and Consultancy Limited and holds no prior commercial operations or turnover.

Why this matters

This acquisition grants Power Grid the mandate to develop a critical 6 GW power evacuation transmission system. The project is designed to handle solar energy evacuation from the Rajasthan Renewable Energy Zone. The infrastructure includes ±800 kV HVDC terminals in Rajasthan and Maharashtra, along with a ~1,000 km HVDC bipole line passing through three states.

Financial Terms

The company paid an aggregate of approximately Rs 18.98 crore to complete the acquisition. This price covers 50,000 equity shares at par value, plus the net assets and liabilities of the SPV as of the acquisition date. The final consideration remains subject to adjustments based on the entity's audited accounts.

Risks to watch

While the SPV is now under Power Grid control, the project faces regulatory hurdles. The company must still secure a formal Transmission License and obtain approval for transmission charges from the Central Electricity Regulatory Commission (CERC) before construction or operational phases can commence.

What to track next

Investors should look for updates on the formal issuance of the transmission license and the commencement of construction milestones for the 1,000 km HVDC line and the associated Synchronous Condenser units at Barmer-II.