Power Grid Corporation Invests $550 Million in Transmission Upgrades
India’s state-owned energy transmission firm, Power Grid Corporation, is getting ready to make significant infrastructure improvements. The corporation recently authorized investments totaling almost $550 million (Rs 4,071 crore) for two transmission projects during a board meeting that was conducted on March 6th, 2023. The board approved the Kurnool Wind Energy Zone/Solar Energy Zone transmission system, which is expected to cost $470 million, according to a filing with the Bombay Stock Exchange (Rs 3,546.94 crore). By November 2024, this project, also known as Part-A & Part-B, should be finished. The Kurnool project intends to increase the transmission of renewable energy in Andhra Pradesh, one of the states that produce the most renewable energy in India. The state’s reliance on fossil fuels will be lessened, and greenhouse gas emissions will be reduced.
The Eastern Region Expansion Scheme-XXIX (ERES-XXIX), which is expected to cost $70 million, was also approved by the board (Rs 524.04 crore). The project will increase the capacity for power transmission in the country’s eastern region and is expected to be completed by November 2025. The Power Grid Corporation will benefit from the investment in transmission infrastructure as it works to meet the nation’s rising energy demand. India’s power grid infrastructure requires extensive renovation and development as it aspires to become a $5 trillion economy. India’s national power transmission network has been built and is run mostly by the Power Grid Corporation.
With a wide network of substations and transmission lines, the firm is essential in getting electricity to every part of the nation. The funding for the Kurnool and ERES-XXIX projects will not only improve the transmission system but also open doors for the expansion of the renewable energy industry. India has set an ambitious goal of developing 450 GW of renewable energy capacity by 2030, and the investment made by the Power Grid Corporation will assist in the achievement of this objective.
Also, the projects are anticipated to create jobs in the building and maintenance of the transmission lines and other infrastructure. Local economies will benefit from the investments, which will also significantly accelerate the nation’s overall economic growth. In conclusion, the Power Grid Corporation’s investment in transmission infrastructure represents an important step in creating an Indian power grid system that is resilient and sustainable. The initiatives will assist in meeting the nation’s increasing energy needs, lessen its reliance on fossil fuels, and promote the use of renewable energy sources.
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