Page 45 - Index

02-40 CORPORATE OVERVIEW 41-59 STATUTORY REPORTS 60-147 FINANCIAL STATEMENTS
Management Discussion and Analysis (MD&A)
PGInvIT was set up as a Trust under the Indian Trusts Act, 1882 in September 2020 and was registered as an infrastructure investment trust with the Securities and Exchange Board of India (SEBI) in January 2021 under the InvIT Regulations.
The Trust has one of India’s most experienced and reputed Sponsor and Project Manager POWERGRID, an experienced Investment Manager POWERGRID Unchahar Transmission Limited, and Trustee IDBI Trusteeship Services Limited (ITSL). It intends to leverage the expertise and the experience of its Sponsor and the IM to deliver consistent, stable, and visible returns to its Unitholders.
Initial Portfolio Assets
The initial portfolio comprises five fully operational and revenue-generating assets housed in five Special Purpose Vehicles (SPVs) with a sound operational track record and high availability. The SPVs are entitled for assured transmission charges and incentives, subject to maintaining operational parameters, for a period of 35 years from the date of respective commercial operation. The Trust, through its Project Manager, focusses on maintaining and optimising the performance of these assets.
The assets comprising 11 transmission lines aggregating 3,698.59 ckm and 3 substations with an aggregate transformation capacity of 6,630 MVA include grid strengthening links, generation-linked assets, and assets linked with inter-regional power flow covering five states in India. The residual life of the SPVs as per the respective Transmission Service Agreements is more than 30 years.
Please refer to Page 21 of this Report for further details.
Operational Highlights
Efficient Operation and Maintenance plays an important role in the transmission sector, delivering value to various key stakeholders. Maximum availability of transmission assets while ensuring continuous power supply to the customers ensures incentive income, in addition to steady transmission charges, benefiting unitholders.
The operation and maintenance of the IPAs is being carried out by POWERGRID, one of the largest transmission utilities globally. While undertaking routine and breakdown maintenance, the Project Manager also implements various latest techniques to minimise shutdown time for periodic maintenance checks and breakdown maintenance and for better availability of transmission systems. Through the Project Manager, the IPAs ensure compliance with applicable environmental regulations and in providing a safe and healthy working environment to the personnel involved in operation and maintenance, through safety drills, and trainings.
For ensuring safe operations, safety drills including mock drills for fire, snake bite, and use of first-aid are regularly conducted at the SPVs. During FY 2021-22, all the SPVs reported 100% safe man-hours and accident-free operations. Various functional and behavioural trainings were imparted to the personnel associated with the operations and maintenance of the IPAs.
Average Availability of SPVs during the year (%)
PVTL 99.99 PKATL 99.12 PPTL 99.96 PWTL 99.87 PJTL 99.97
Accident-free Operations
Routine O&M
Preventive maintenance Safety drills
Trainings for O&M teams
The Emergency Restoration System available with POWERGRID and placed strategically at various locations across India along with related skilled manpower can be deployed for uninterrupted operations and quick restoration of transmission services, in case of exigencies.
Details of revenue (project-wise) during FY 2021-22 (` in million)
2,937.60
3,756.47
2,942.98 PVTL PKATL
707.34
3,361.69
POWERGRID Infrastructure Investment Trust 43
PPTL PWTL PJTL