Power Grid clears Rs 2,247 cr for Green Energy Corridor project

State-owned Power Grid Corporation of India (PGCIL) said on Monday its board has approved a Rs 2,247.37 crore investment plan for the third part of the inter-state electricity transmission project.

In a BSE filing, the company said: "The Board of Directors of the company at its meeting held on July 2, 2015, has accorded investment approval for Green Energy Corridors: Inter-State Transmission Scheme (ISTS) Part-C at an estimated cost of Rs 2,247.37 crore, with commissioning schedule of 36 months from the date of investment approval."

In April, PGCIL had said its board has approved investment for Green Energy Corridors: Inter-State Transmission Scheme-Part A and B at an estimated cost of Rs 1,479.30 crore and Rs 3,705.61 crore, respectively.

The Green Energy Corridor project is aimed at transmission of renewable energy from generation points to the load centres by creating intra-state and inter-state transmission infrastructure.

The intra-state transmission component is being implemented by respective states while PGCIL is executing the inter-state part.

It seeks to address intermittency and variability aspects as well as grid integration issues of large-scale renewable energy generation.

The PGCIL stock fell by almost a per cent to close at Rs 139.95 on BSE.