GMR Smart Electricity Distribution Limited (GSEDPL), a subsidiary of GMR Power and Urban Infra Limited (GPUIL), has received approval for a loan of Rs 21.28 billion from the Indian Renewable Energy Development Agency. The loan will be disbursed in tranches to partially finance the installation of 7.57 million smart meters across Uttar Pradesh.
GSEDPL was awarded the project in July 2023 to install, integrate, and maintain these meters under a 10-year contract with state distribution companies. The tenders were floated by Purvanchal Vidyut Vitran Nigam for the Varanasi, Azamgarh, Prayagraj, and Mirzapur zones, and Dakshinanchal Vidyut Vitran Nigam for the Agra and Aligarh zones. Of the total, 2.6 million smart meters are allocated for Agra and Aligarh, 2.7 million for Varanasi and Azamgarh, and 2.3 million for Prayagraj and Mirzapur.
The project’s total estimated cost is Rs 34.67 billion. GSEDPL has partnered with Bosch Global Software Technologies as the technical partner to implement the project. GSEDPL is executing the installations through its special purpose vehicles (SPVs): GMR Agra Smart Meters, GMR Kashi Smart Meters, and GMR Triveni Smart Meters. GPUIL has provided a corporate guarantee of Rs 4.39 billion to each SPV until the meters achieve their commercial operation date. The remaining guarantee will be provided after shareholder approval.
