Summary:
Green Energy Corridor Phase III is a proposed ₹50,000-crore transmission expansion aimed at evacuating around 135 GW of renewable energy. The project could add nearly 10,000 circuit km of transmission capacity across Gujarat, Rajasthan, Karnataka, Maharashtra and Andhra Pradesh. While Cabinet approval is still pending, the plan could create a significant future order pipeline for transmission, EPC and high-voltage equipment companies. Stocks such as POWERGRID, Adani Energy Solutions, KEC International, Kalpataru Projects International, GE Vernova T&D India, Hitachi Energy India, Siemens Energy India and Techno Electric & Engineering could be among the companies to watch.
Phase III of Green Energy Corridor is under preparation in India, which is a project worth over ₹50,000 crore designed to address the renewable energy issue, which is transport of electricity from areas abundant in solar and wind energy to consumer markets. It should be mentioned that this project does not have the approval of the Union Cabinet yet; it has already been passed by the Expenditure Finance Committee of the Ministry of Finance and other prerequisites for Cabinet approval.
What Will Green Energy Corridor Phase III Build?
Phase III will enhance intra-state networks in Gujarat, Rajasthan, Karnataka, Maharashtra, and Andhra Pradesh. Most projects will take place in Gujarat, followed by Rajasthan. Phase III will be designed for about 10,000 circuit km and will seek to provide evacuation capacity for about 135 GW of renewable energy. This program will involve the addition of transmission lines and improvement of existing substations and networks. It will be offered on a public-private partnership model based on tariff-based competitive bidding.
The requirement is huge. Transmission bottlenecks contributed to about two-thirds of the renewable energy curtailment in Q1 2026, accounting for about 300 GWh. India is also said to require an additional 61,411 circuit km of interstate transmission capacity by FY30.
Which Companies Are Involved in Phase II?
The Intra-state GEC phase II would be implemented in Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh through state transmission utilities. This project plans to connect approximately 10,750 circuit km of line and 27,500 MVA of substations with nearly 20 GW of renewable energy. The total cost of the project is ₹12,031.33 crore, which includes 33%, that is, ₹3,970.34 crore contribution from the MNRE and the rest 67% by state utilities.
On the other hand, the POWERGRID is implementing the ₹20,773.70-crore Phase II interstate system for connecting 13 GW of renewable energy in Ladakh. It will have 713 km of transmission line, out of which 480 km is HVDC transmission line and 5 GW of HVDC terminal at Pang and Kaithal.
Have Any Phase III Contracts Been Issued?
As at 11th August, 2026, no award has been made in relation to the contracts in respect of the new GEC Central Phase III Programme. This is understandable since the scheme is yet to be approved by the Cabinet. The states have formulated their transmission projects, but it is important to note that this does not refer to awards for the ₹50,000 crore Phase III Scheme.
Which Stocks Could Benefit From the ₹50,000-Crore Plan?
This opportunity is of relevance to developers, EPCs, and high voltage equipment makers. The listed companies which have capabilities in these sectors include POWERGRID, Adani Energy Solutions, KEC International, Kalpataru Projects International, GE Vernova T&D India, Hitachi Energy India, Siemens Energy India, and Techno Electric & Engineering.
KEC has already stated that Green Energy Corridor is an important transmission opportunity for the domestic sector, while GE Vernova has already provided high voltage equipment for the renewable energy evacuation projects. Hitachi Energy, GE Vernova, and Siemens Energy are all established players in the growing high voltage and HVDC markets of India.
