EnerGrid wins 2 ISTS bids; Rs 5,800 cr capex

IndiGrid’s platform expands in ISTS bidding

EnerGrid, an investment platform co-promoted by IndiGrid Infrastructure Trust (IndiGrid), has won two inter-state transmission system (ISTS) schemes under the tariff-based competitive bidding (TBCB) route in Q1 FY27 (April to June). The combined estimated capital expenditure for developing the two projects is around Rs 5,800 crore. The wins add to EnerGrid’s growing pipeline of ISTS-TBCB projects, taking its total tally of wins to three including Morena I SEZ Transmission Ltd, acquired in February 2026. The development also marks a structural change in how IndiGrid intends to participate in future competitive bids. It is learnt that IndiGrid will not directly bid for power transmission and battery energy storage system (BESS) projects going forward, and will instead participate through EnerGrid.

Two new schemes won under TBCB in Q1 FY27

The first project is the Shongtong–Tidong Transmission Scheme in Himachal Pradesh. It is intended for evacuation of power from Shongton Karcham HEP (450 MW) and Tidong HEP (150 MW). The scheme’s project SPV is Shongtong Power Transmission Ltd, and the scope includes about 450 ckm of transmission lines along with a 400/220 kV substation of 630 MVA. The second project is the transmission system for evacuation of power from Sunni Dam HEP and Luhri Stage-I HEP. For this scheme, the transmission infrastructure includes around 104 ckm of lines and 1,050 MVA of transformation capacity. IndiGrid has said the two projects will be developed on a BOOT basis.

SPV transfers, bidders, and REC’s role

REC Limited, through its wholly owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), completed the transfer of two project-specific SPVs after a TBCB process on July 29, 2026. The transaction involved Bhadla Ramgarh Power Transmission Limited and Shongtong Power Transmission Limited. REC stated the transfer included the entire equity shareholding of each SPV, comprising 50,000 equity shares, along with all associated assets and liabilities. Following the transfers, both SPVs ceased to be subsidiaries of RECPDCL and REC Limited.

What was paid for the SPVs

Under REC’s disclosure, Power Grid Corporation of India Limited (PowerGrid) acquired Bhadla Ramgarh Power Transmission Limited for a total consideration of Rs 20.41 crore. Terralight Solar Energy Tinwari Private Limited acquired Shongtong Power Transmission Limited for Rs 12.86 crore. REC added that the consideration includes professional fees, reimbursement of expenses, and applicable taxes. Separately, sector updates indicate PowerGrid and EnerGrid formally acquired the project SPVs of ISTS schemes on July 29, 2026, aligning with the transfer date mentioned in REC’s announcement.

Shongtong scheme: tariff, cost estimate, and timeline

For the Shongtong scheme, the winning tariff is stated as Rs 5,426.32 million per year. The estimated project cost for this scheme is Rs 2,286 crore. The project scope includes setting up a 400/220kV Jhangi GIS Pooling Station in Himachal Pradesh, a 400kV Jhangi PS to Wangtoo double-circuit line of 50 km, and a 400kV Panchkula to Wangtoo line of 175 km, along with other associated works. The targeted completion is by January 2029, described as 30 months from the SPV transfer date.

EnerGrid’s pipeline reaches three ISTS-TBCB wins

With these two Q1 FY27 wins, EnerGrid’s ISTS-TBCB wins have reached three, including Morena I SEZ Transmission Ltd acquired in February 2026. Across the three projects, the combined plan envisages five transmission lines aggregating 739 ckm and three substations with total transformation capacity of 7,180 MVA. These projects are spread across Madhya Pradesh and Himachal Pradesh. In the Shongtong scheme structure, Terralight Solar Energy Tinwari Pvt Ltd is a subsidiary of Enerica 3 Infra Pvt Ltd, which is in turn a subsidiary of Enerica Regrid Infra Pvt Ltd (EnerGrid). The Shongtong scheme is described as EnerGrid’s second ISTS-TBCB scheme acquired, with the Morena acquisition cited as the earlier transaction.

Ownership structure and IndiGrid’s planned takeout

EnerGrid, officially Enerica Regrid Infra Pvt Ltd, is co-promoted by IndiGrid, British International Investment (BII) and the Norwegian Climate Investment Fund (Norfund). The three partners have committed a total investment of $100 million through equity and debt. It is learnt that IndiGrid will have no equity stake in EnerGrid, but will support the platform through subscription to debt instruments. IndiGrid is expected to acquire 100 per cent stake in all projects of EnerGrid one year after their commissioning. This approach indicates a pipeline-building vehicle that can bid and build, followed by a defined takeout by IndiGrid after projects become operational.

IndiGrid’s existing portfolio snapshot

IndiGrid describes itself as India’s first and largest InvIT in the power transmission sector. The trust owns and operates a diversified portfolio across transmission, solar generation, and battery energy storage. Its portfolio comprises 50 power projects with 41 operational assets. As of Q4 FY26, IndiGrid reported a circuit length of about 9,698 km across 55 transmission lines and transformation capacity of about 32,550 MVA across 18 substations. The portfolio also includes about 1.5 GWp of solar generation assets across 20 states and 2 union territories, with 94 revenue generating elements.

Key project data at a glance

Market impact: what changes for bidding and asset ownership

The immediate market relevance is the separation between bidding and long-term ownership. EnerGrid is positioned to bid and execute projects, while IndiGrid intends to acquire 100 per cent of EnerGrid projects one year after commissioning. For investors tracking IndiGrid, the key factual change is that future TBCB participation for transmission and BESS is expected to be routed through EnerGrid rather than IndiGrid directly. The two new projects also add measurable buildout in transmission line length and substation capacity, with the Shongtong project alone carrying a stated annual tariff and an estimated project cost. The SPV-transfer process, with disclosed consideration and transfer of liabilities, also clarifies the handover mechanics for TBCB schemes awarded through RECPDCL.

Analysis: why the EnerGrid platform matters

EnerGrid’s co-promotion by IndiGrid, BII and Norfund, along with the $100 million commitment through equity and debt, suggests a structured funding and execution pathway for new assets. IndiGrid’s reported lack of equity in EnerGrid, combined with planned debt subscription support, indicates a model where the platform can develop assets without immediately changing IndiGrid’s equity exposure. The defined takeout timeline of one year after commissioning is a concrete milestone that may help bridge the period between construction-stage risks and operational-stage ownership. The disclosed tariff for the Shongtong scheme and the completion target of January 2029 provide specific reference points for tracking progress. Separately, IndiGrid’s existing scale, including 9,698 km of transmission circuit length and 32,550 MVA of transformation capacity, provides context for how incremental additions could fit within an established portfolio.

Corporate calendar items investors are tracking

IndiGrid has scheduled its Q1 FY27 results conference call for August 13, 2026 at 4:00 PM IST. The board is set to meet on August 12, 2026 for Q1 FY27 results and a potential distribution, with a record date of August 17, 2026. IndiGrid also noted unitholder approvals for FY26 results, auditor and valuer appointments, and a Rs 2,000 crore capital raising. These dates and approvals sit alongside the operational updates around EnerGrid’s ISTS wins and SPV transfers.

Conclusion

EnerGrid’s two Q1 FY27 ISTS-TBCB wins add a combined Rs 5,800 crore capex program and extend its tally to three projects including the February 2026 Morena acquisition. With SPV transfers executed on July 29, 2026 and a clear plan for IndiGrid to acquire EnerGrid’s projects one year after commissioning, the next set of milestones will be execution progress and upcoming Q1 FY27 disclosures, including the August results and distribution-related board decisions.