GMR Smart Electricity Distribution (GSEDPL), a subsidiary of GMR Power and Urban Infra (GPUIL), has secured approval for a loan of ₹21.28 billion (~$247.66 million) from the Indian Renewable Energy Development Agency to part finance smart meter installation in Uttar Pradesh.

The loan amount will be distributed in tranches.

GSEDPL won the project in July 2023 to install, integrate, and maintain 7.57 million smart meters.

The  tenders were floated by two state distribution companies (DISCOMs) — Purvanchal Vidyut Vitran Nigam for the Varanasi, Azamgarh and Prayagraj, Mirzapur zones and Dakshinanchal Vidyut Vitran Nigam for the Agra and Aligarh zones.

Of the total smart meters, 2.6 million were designated for the Agra and Aligarh zones. Another 2.7 million would be set up in Varanasi and Azamgarh, with the remaining 2.3 million planned for deployment across Prayagraj and Mirzapur.

GSEDPL had to sign a 10-year contract with the DISCOMs to operate and maintain these smart meters.

The project’s total estimated cost is ₹34.67 billion (~$403.75 million).

GSEDPL is installing smart meters through its GMR Agra Smart Meters, GMR Kashi Smart Meters, and GMR Triveni Smart Meters special purpose vehicles (SPVs).

GPUIL has furnished a corporate guarantee of (~$51.21 million) to each SPV until the smart meters’ commercial operation date. The company will provide a corporate guarantee for the remaining amount after receiving approval from its shareholders.

GSEDPL has formed a consortium with Bosch Global Software Technologies (technical partner) to implement this project.

Last September,  the Ministry of Power directed DISCOMs to prioritize smart meter installations under the Revamped Distribution Sector program for PM Surya Ghar: Muft Bijli Yojana installations without levying additional charges.

In August, Telecommunications Consultants India invited bids to select a consortium partner for the supply, installation, system integration, operation, and maintenance of smart meters, head-end system software, and a radio frequency/cellular communication network as part of the advanced metering infrastructure project in Kerala State Electricity Board-Phase-1.