PFC Consulting's two interstate transmission system projects - Bhadla III Transmission and Ananthapuram Kurnool Transmission - to evacuate a total of 23.5 GW of renewable energy in Rajasthan and Andhra Pradesh have been awarded to the Power Grid Corporation of India.

Under Phase III Part B1, the Bhadla III Transmission project is committed to establishing a transmission system to evacuate power from Rajasthan's renewable energy zone. The Ananthapuram Kurnool Transmission project in Andhra Pradesh aims to build a transmission network for solar energy zones in Ananthapuram [2,500 MW] and Kurnool [1,000 MW].

The Rajasthan project includes the construction of a new 765/400/220 kV pooling station at Bhadla III, a 765 kV D/C transmission line that spans the state, and accompanying bay expansion works. This interstate transmission system project is expected to be completed within 18 months of the contract's effective date.

POWERGRID was awarded the Bhadla III project for roughly Rs 201.1 million, which comprises 10,000 equity shares with a nominal value of Rs 10 each, as well as the company's assets and liabilities as of the acquisition date.

POWERGRID raised Rs 9 billion in private placement for the first tranche of its unsecured, non-convertible, non-cumulative, redeemable, and taxable bonds in March.

POWERGRID was selected as the winning bidder for the implementation of the interstate transmission system project to evacuate power from renewable energy zones in Rajasthan for 20 GW, Phase III Part C1. On September 11, 2023, the Letter of Intent was formally received.