Power Grid Corporation of India (POWERGRID) has approved the launch of its 83rd bond issue under its 2025-26 program, authorizing the company to raise ₹38 billion (~$428.72 million).

The bond issue has a base size of ₹10 billion (~$112.82 million) and a greenshoe option of ₹28 billion (~$315.90 million).

POWERGRID said the bonds will be issued on a private placement basis. The bonds will remain unsecured, and no charge or security will be created in connection with the issue. The instruments will be redeemable at par in 10 equal annual instalments, with interest payable annually.

The final coupon rate and interest payment schedule will be determined through bidding conducted on the electronic bidding platform. The company has clarified that the bonds do not carry any special rights, interests, or privileges for investors and that there have been no delays exceeding three months in servicing any past dues.

It also said that no adverse comments or letters have been issued regarding its payment record. The disclosure requirements related to the redemption of preference shares or debentures are not applicable in this case.

The company has set a target to meet 50% of its electricity consumption from clean sources by 2025 and achieve Net Zero emissions by 2047. The company is expanding solar installations, opting for green tariff mechanisms, and steadily transitioning its diesel fleet to electric.

During the financial year 2024–25, renewable energy consumption increased by 357.63%. However, the company’s total energy consumption rose by 5.97%, mainly due to a 6.02% rise in indirect energy use from newly added substations and STATCOMs installed to enhance grid stability amid the rising influx of renewable power.

POWERGRID’s solar capacity within its own establishments has now grown to 12.63 MW, a 23.82% increase over the previous year.

It expects to scale its installed rooftop and ground-mounted solar PV capacity to 20 MW by December 2025 and to 36 MW by March 2026, increasing its contribution to 6% and 10% of total power needs, respectively.

Recently, the POWERGRID board approved raising ₹60 billion (~$676.05 million) in unsecured rupee-term loans or a line of credit from the State Bank of India.

In October this year, POWERGRID received a letter of intent from REC Power Development and Consultancy to establish a 765 kV interstate transmission system between Parli New, Maharashtra, and Bidar, Karnataka, on a build, own, operate, and transfer basis.