Power Grid Corporation of India has won the bid to build an inter-state transmission system for evacuating power from pumped storage projects in Sonbhadra district, Uttar Pradesh. The project was awarded through tariff-based competitive bidding.
The project includes setting up a new 765/400 kV pooling sub-station in Sonbhadra, bay extension works at an upcoming sub-station, and laying 765 kV transmission lines in the state.
The company informed the regulatory filing that it received the Letter of Intent (LoI) on September 4. The project will be developed on a Build, Own, Operate and Transfer (BOOT) basis.
Share price of Power Grid Corporation of India
The share price of Power Grid Corporation of India has seen a steady rise over the past six months, gaining 7.58 per cent so far. The stock opened 1.1 per cent higher than its previous close in today’s trading session after the company announced the project on the BSE.
Successful Bidder for transmission system for renewable energy integration
In the previous month, on August 27, also Powergrid emerged as the successful bidder to set up an inter-state transmission system for the “Transmission system strengthening at Davanagere for integration of renewable energy generation” in Karnataka.
As part of the project, POWERGRID was supposed to carry out augmentation works at the under-construction Davanagere pooling station in Karnataka.