POWERGRID wins major TBCB transmission projects in 2026

A busy run of TBCB wins for POWERGRID

Power Grid Corporation of India Ltd (POWERGRID) has reported a series of transmission project wins under the tariff-based competitive bidding (TBCB) route, spanning renewable integration and inter-regional strengthening. The projects cover multiple states and voltage levels, including 400 kV and 765 kV networks, and are structured largely on a build-own-operate-transfer (BOOT) basis where specified.

The latest set of announcements places focus on Karnataka and Maharashtra, where POWERGRID has been declared the successful bidder for transmission systems aimed at integrating renewable energy and easing regional grid constraints. These wins also sit alongside earlier LoIs received in 2025 for inter-regional corridors and generation evacuation projects.

For investors and sector watchers, the sequence is important because it signals sustained execution opportunities in transmission build-out, especially as grid planning increasingly aligns with renewable energy (RE) evacuation and inter-state power flows.

Karnataka: Tumkur-II strengthening for 2.7 GW renewable integration

POWERGRID has been declared the successful bidder for the project titled “Transmission System Strengthening at Tumkur-II for Integration of Additional RE Potential (2.7 GW)” under TBCB. The scope involves establishing an inter-state transmission system in Karnataka.

As outlined, the project includes a 400 kV double-circuit transmission line and augmentation works at the Tumkur-II Pooling Station. The company said it received the Letter of Intent (LoI) on April 1, 2026.

The stated objective is to strengthen the transmission system at Tumkur-II to integrate additional renewable energy potential of 2.7 GW, indicating that the network augmentation is being planned directly around incremental RE capacity and related evacuation requirements.

Maharashtra: Pune Region-I constraint removal project

In a separate win, POWERGRID said it emerged as the successful bidder for an intra-state transmission project in Maharashtra under the TBCB route. The project is titled “Network Expansion Scheme in Maharashtra for Removal of Transmission Constraints in Pune Region-I (765/400 kV AIS Pune East)”.

The company said it received the LoI on February 11, 2026. The reference to 765/400 kV AIS Pune East indicates a high-voltage substation-related expansion, with the stated purpose of removing transmission constraints in Pune Region-I.

This is notable because intra-state projects broaden the addressable opportunity set beyond POWERGRID’s core inter-state footprint, while still fitting into competitive-bidding frameworks increasingly used for grid expansion.

Karnataka: Davanagere and Bellary renewable integration system

POWERGRID has also been declared the successful bidder for another inter-state transmission system project in Karnataka aimed at strengthening renewable integration. This award is under the TBCB framework and will be implemented on a BOOT basis.

The project supports additional renewable energy capacity at Davanagere and Bellary. The scope includes a 400 kV double-circuit transmission line traversing Karnataka, plus associated line bays and augmentation works at the Davanagere and Bellary pooling stations.

The infrastructure is designed to enable evacuation of 0.25 GW of renewable energy from Davanagere and 2.75 GW from Bellary. The LoI was issued on January 7, 2026 and received by POWERGRID on January 8, 2026.

Inter-regional strengthening: Southern Region to Eastern Region

Separately, POWERGRID said it has been declared the successful bidder to establish an Inter-State Transmission System under the project titled “Inter-Regional Strengthening between southern region (SR) Grid and eastern region (ER) Grid”.

The award is under TBCB and will be executed on a BOOT basis. The project comprises 765 kV double-circuit transmission lines traversing Odisha and Andhra Pradesh, along with associated line bays and reactors works at both ends.

While the update provides the corridor scope and key equipment, it does not specify an LoI date in the information provided.

Earlier LoI: SR-WR corridor and fresh investment approvals

POWERGRID has also highlighted a dual update covering project execution and internal investment approvals. Under the TBCB process, the company received the LoI on September 29, 2025 for the project titled “Inter-Regional Strengthening between SR Grid and WR Grid”.

This project is planned on a BOOT model and involves setting up 765 kV double-circuit transmission lines across Karnataka and Maharashtra, along with associated line bays at both ends. The stated purpose is to strengthen inter-state power flows and improve grid stability.

Alongside the corridor win, the company sanctioned fresh investments worth ₹705.51 crore to enhance national grid operations and improve disaster preparedness, as per the details provided.

NR-WR strengthening: Prayagraj substation and corridor relief

Another project referenced is the TBCB win for “Inter-regional (NR-WR) Transmission System strengthening to relieve the loading of 765 kV Vindhyachal-Varanasi D/c line”. The scope includes a new 765 kV substation at Prayagraj, Uttar Pradesh, and 765 kV double-circuit transmission lines traversing Uttar Pradesh and Madhya Pradesh.

The information provided includes an estimated project value of ₹2,368 crore (noted as an estimation). POWERGRID is to carry out the project on a BOOT basis, and the LoI is cited as received on September 16, 2025 in the details shared.

Other referenced wins: Madhya Pradesh evacuation and Andhra Pradesh augmentation

The set of updates also mentions two earlier inter-state transmission system projects under TBCB and BOOT. One is titled “Transmission System for Evacuation of Power from Mahan Energen Limited Generating Station in Madhya Pradesh”, for which POWERGRID received the LoI on April 1, 2025. The project includes a 400 kV double-circuit transmission line and associated bays at the existing Rewa Power Station (PG) substation in Madhya Pradesh.

Another project is described as involving augmentation of transformation capacity at the existing Kurnool-III substation, extension works at the C’peta substation, and setting up a 765 kV double-circuit transmission line in Andhra Pradesh, with the LoI received on March 6, 2025.

What the stock did amid the updates

The announcements came as POWERGRID stock saw modest movement in the market based on the figures provided. As of February 12, 2026 at 11:39 am, Power Grid Corporation of India Ltd was trading at ₹293.45, down 0.34% from the previous close.

In another cited trading snapshot, the shares were reported to have moved up by up to 0.34 to a high of ₹289.35 per share compared with a previous closing price of ₹288.35. The same note mentioned a market capitalisation of ₹2,66,880.83 crore.

Key project details at a glance

Why these wins matter for the transmission sector

Across the updates, a common theme is transmission reinforcement tied to renewable integration and corridor decongestion. The Karnataka projects explicitly link new lines and pooling station augmentation to RE evacuation capability, including quantified evacuation support at Davanagere and Bellary.

The inter-regional projects highlight continued focus on strengthening links across regional grids at 765 kV, which typically form the backbone for high-capacity transfers. Meanwhile, the Maharashtra project underlines that constraint removal at key load centres remains a planning priority, even as national attention is on renewable additions.

The use of the TBCB framework and BOOT structure, where stated, also signals that competitive bidding remains a key route for awarding transmission projects, with private and public developers competing on tariffs and execution capability.

Conclusion

POWERGRID’s sequence of TBCB wins and LoIs between September 2025 and April 2026 spans Karnataka renewable integration, Maharashtra network expansion, and multiple inter-regional strengthening corridors. The next milestones that typically follow these disclosures are project incorporation steps (where relevant), execution schedules, and further regulatory and commissioning updates as assets progress from award to construction and operations.