The order is to design and execute the 800kV, 6,000 MW, 1,200 km High Voltage Direct Current (HVDC) terminal stations to evacuate renewable energy from Khavda in Gujarat to Nagpur in Maharashtra, the company filing said.
This project is part of the interstate transmission system (ISTS) for evacuating 8 GW of renewable energy under Phase V: Part A from the Khavda Renewable Energy Zone in Gujarat, feeding into the country’s 500 GW renewable evacuation and transmission plan.
Expected to be executed by 2029, the project crosses 1,200 km and feeds into a 500 GW renewable evacuation and interstate transmission system. The order was awarded by Power Grid Corporation of India on behalf of its Project SPV (special purpose vehicle) company.
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The project, with an estimated value of Rs 25,000 crore, is expected to be executed by 2029, brokerage Nuvama Institutional Equities said, adding that it expects Hitachi Energy’s share of ordering inflow to be between Rs 4,000 crore to Rs 6,000 crore.
“We factor in strong execution by FY26–27, given all-time high OB, coupled with OPMs recovering to about 14% by FY27 (versus peers already at 18–20%). We also bake in optionality of two HVDC order inflows (Rs 4,000-6,000 crore each), over FY25–26,” the brokerage said.
Nuvama Institutional Equities retained a ‘Buy’ rating on Hitachi Energy’s stock, adding that “Hitachi Energy is sitting on its highest-ever backlog of Rs 8,910 crore providing strong revenue visibility over the next about 24–26 months having Adani HVDC worth Rs 2,000-2,200 crore under its belt.”
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