IREDA Sanctions Rs. 2,128 Cr. for GMR’s Smart Metering Projects
Indian Renewable Energy development Agency (IREDA) has sanctioned Rs. 2,128 crore to three Special Purpose Vehicles (SPVs) of the GMR group to partly fund the execution of smart metering projects in Uttar Pradesh.
GMR Group Entities to Install 75.69 Lakh smart meters in UP
GMR Group’s GMR Smart Electricity Distributions Pvt. Ltd. (GSEDPL) has secured orders for installing 75.69 lakh smart meters in Uttar Pradesh. These smart meters will be installed by three Special Purpose Vehicles (SPVs) of the GMR Group in three different zones of the state.
These smart metering projects will be executed by GMR SPVs, namely GMR Agra Smart Meters Ltd., GMR Kashi Smart Meters Ltd., and GMR Triveni Smart Meters Ltd.
GSEDPL has won these projects from 2 UP DISCOMS, namely Purvanchal Vidyut Vitran Nigam Ltd. & Dakshinanchal Vidyut Vitran Nigam Ltd. and are collectively valued at Rs. 3,467.02 crore. The orders secured from Purvanchal Vidyut Vitran Nigam Ltd. include installation of smart meters in two zones, namely Varanasi, Azamgarh zone & Prayagraj, Mirzapur zone. Further, orders from Dakshinanchal Vidyut Vitran Nigam Ltd. entail installation of smart meters in the Agra and Aligarh zone.
Apart from the amount sanctioned by IREDA, the remaining investment for these smart metering projects will be sourced from the company’s internal accruals.
Growth Overview of India’s Smart Metering Industry
Smart Metering Industry is one of the fastest growing industries in India. As per a report by Market Research Future (a market analyst based in Pune), smart metering industry is estimated to grow at a Compound Annual Growth Rate (CAGR) of 8.15% by 2032. As of August 2024, Genus Power held the largest market share in the smart metering industry which is 27%. Following Genus Power, HPL Electric and Power and Adani Energy Solutions each have about 20% market share as of March 2024.
These developments in the smart metering industry align with the Indian government’s target of installing 250 million smart meters in the country by 2027.
Major Smart Metering Projects in India
In the past few years, Genus Power, HPL Electric, Adani Energy Solutions and Polaris Smart Metering have won several smart metering projects in India. Some of these projects include Genus Power’s Rs. 2,209.84 crore order for installation of 21.77 Lakhs Smart Prepaid Meters in India and HPL Electric and Power’s worth Rs. 903 crore orders for the installation of smart meters. Polaris Smart Metering had also won a contract worth Rs. 2,246 crore for installing 22 lakh smart meters in West Bengal for West Bengal State Electricity Distribution Company Ltd.’s (WBSEDCL) customers.