New Delhi : Power Grid Corporation of India Limited (POWERGRID) has acquired 100% of Barmer HVDC Power Transmission Limited, a project special purpose vehicle (SPV) formed to develop a major interstate transmission system for evacuating renewable energy from Rajasthan.
The acquisition was completed on September 23, 2026, after POWERGRID emerged as the successful bidder under the Tariff Based Competitive Bidding (TBCB) process. The aggregate acquisition value is approximately ₹18.98 crore, subject to final adjustment based on the audited accounts of the SPV as of the acquisition date.
The project is planned to establish a high-capacity transmission corridor capable of evacuating 6,000 MW (6 GW) of renewable power from Rajasthan to demand centres in western and central parts of the country.
6,000 MW HVDC Transmission System
Barmer HVDC Power Transmission Limited will implement the transmission project under a Build, Own, Operate and Transfer (BOOT) model.
The centrepiece of the project will be a 6,000 MW ±800 kV High Voltage Direct Current (HVDC) transmission system connecting Barmer-II in Rajasthan with South Kalamb in Maharashtra.
The planned system includes:
- 6,000 MW ±800 kV HVDC terminals at Barmer-II, Rajasthan, and South Kalamb, Maharashtra
- Approximately 1,000 km of HVDC transmission line
- Transmission infrastructure passing through Rajasthan, Gujarat and Maharashtra
- Augmentation of the South Kalamb substation
- 400 kV transmission lines and associated bays in Rajasthan
- Two SynCon units at Barmer-II
The infrastructure is intended to facilitate the movement of large volumes of renewable electricity generated in Rajasthan to other regions through a dedicated interstate transmission network.
Why the Barmer Project Is Important
Rajasthan has emerged as one of India’s major renewable-energy hubs, particularly for solar power. Large renewable-energy projects in the state require high-capacity transmission infrastructure to transport electricity from generation zones to consumption centres.
The proposed Barmer-II–South Kalamb HVDC corridor is designed to address this requirement by creating a dedicated high-capacity transmission route.
The use of ±800 kV HVDC technology is particularly suited to long-distance bulk power transfer. HVDC systems can transmit large quantities of electricity over long distances with lower transmission losses compared with equivalent AC transmission arrangements in many applications.
The approximately 1,000-km corridor will therefore form an important link between the renewable-energy generation region in Rajasthan and the western transmission network.
Route Across Three States
The transmission system will cross Rajasthan, Gujarat and Maharashtra.
At the Rajasthan end, the project includes the development of infrastructure around the Barmer-II pooling and transmission facilities. At the other end, the HVDC system will terminate at South Kalamb in Maharashtra, where the existing substation will also be augmented.
Additional 400 kV transmission lines and associated bays are planned in Rajasthan to connect the renewable-power evacuation system with the broader transmission network.
The project also provides for two SynCon units at Barmer-II as part of the planned transmission infrastructure.
POWERGRID Takes 100% Ownership of Project SPV
With completion of the acquisition, POWERGRID has taken 100% ownership of Barmer HVDC Power Transmission Limited.
The SPV was incorporated on September 30, 2025, by REC Power Development and Consultancy Limited (RECPDCL) for development of the transmission project.
POWERGRID subsequently emerged as the successful bidder under the TBCB process and completed the acquisition of the SPV on September 23, 2026.
The reported acquisition value of approximately ₹18.98 crore includes the consideration for 50,000 equity shares with a face value of ₹10 each, along with the assets and liabilities of the SPV as of the acquisition date.
The final acquisition consideration will be adjusted based on the audited accounts of Barmer HVDC Power Transmission Limited as on September 23, 2026.
What Is TBCB?
Tariff Based Competitive Bidding (TBCB) is a competitive procurement mechanism used for selecting transmission developers for specified power-transmission projects.
Under this model, eligible bidders compete primarily on the basis of the tariff they are willing to offer for providing the transmission service.
Once selected, the successful bidder takes responsibility for developing and operating the transmission project according to the terms and conditions of the transmission service agreement.
In this case, POWERGRID was selected as the successful bidder for the Barmer-II–South Kalamb transmission system.
Project to Be Developed on BOOT Basis
The transmission system will be developed under the Build, Own, Operate and Transfer (BOOT) model.
Under the BOOT arrangement, the project developer is responsible for building the infrastructure and owning and operating it for the agreed concession period before the assets are transferred according to the applicable project framework.
For POWERGRID, the acquisition therefore provides control over the SPV responsible for developing and operating the planned interstate transmission system.
CERC Approvals Still Required
Although the transfer of the SPV to POWERGRID has been completed, certain regulatory approvals remain part of the project’s next stage.
Barmer HVDC Power Transmission Limited will need to obtain approvals from the Central Electricity Regulatory Commission (CERC) relating to the transmission licence and adoption of transmission charges.
These approvals are necessary before the transmission project can move through the applicable regulatory and implementation process.
SPV Yet to Begin Commercial Operations
Barmer HVDC Power Transmission Limited has not yet commenced commercial operations.
As a result, the SPV has no recorded turnover for the preceding three financial years.
The absence of operating revenue is consistent with the company’s status as a project-specific SPV established to develop a transmission asset that is still in the implementation stage.
Key Details of the POWERGRID-Barmer Project
| Particular | Details |
|---|---|
| Acquirer | Power Grid Corporation of India Limited (POWERGRID) |
| SPV | Barmer HVDC Power Transmission Limited |
| Acquisition Date | September 23, 2026 |
| Ownership Acquired | 100% |
| Acquisition Value | Approximately ₹18.98 crore |
| Bidding Route | Tariff Based Competitive Bidding (TBCB) |
| Project Capacity | 6,000 MW |
| HVDC Voltage | ±800 kV |
| Transmission Route | Barmer-II, Rajasthan to South Kalamb, Maharashtra |
| Approx. HVDC Line Length | 1,000 km |
| States Covered | Rajasthan, Gujarat and Maharashtra |
| Project Model | Build, Own, Operate and Transfer (BOOT) |
| SPV Incorporated | September 30, 2025 |
| Developer Before Acquisition | RECPDCL |
| Renewable Power to Be Evacuated | 6 GW from Rajasthan |
| Regulatory Authority | Central Electricity Regulatory Commission (CERC) |
A Major Transmission Link for Rajasthan’s Renewable Power
The Barmer HVDC project is designed around the growing need to move renewable electricity from Rajasthan to other parts of India.
With a planned capacity of 6 GW, the project will create a high-capacity interstate transmission link connecting Rajasthan’s renewable-energy region with Maharashtra through Gujarat.
For POWERGRID, taking full ownership of the project SPV marks the beginning of its role in implementing the large-scale transmission system. The project will now proceed through the required regulatory approvals and subsequent development stages before the transmission infrastructure becomes operational.
