Powergrid approves Rs 5.55 billion for 85 MW solar project in Madhya Pradesh

The board of Powergrid Corporation of India Limited (Powergrid) has approved an investment proposal of Rs 5.55 billion for 85 MW capacity of solar power project in Nagda, Madhya Pradesh. The company will be responsible for the operations and maintenance of solar power plant for a period of 5 years. Additionally, the project is scheduled to be commissioned within 10 months from the signing date of letter of award.

Recently, in August 2023, Powergrid approved a plan to issue bonds on a private placement basis in numerous tranches in 2023–2024, in order to raise up to Rs 57 billion. The company planned to raise Rs 5 billion in the first tranche and another Rs 14 billion in the green shoe option.

In January 2022, Powergrid issued an expression of interest to conduct a detailed survey and soil investigation along the transmission line route to evacuate power from the 880 MW Kaza solar project in Himachal Pradesh.