In India, where surplus solar energy often goes to waste due to a shortage of transmission lines, the state of Maharashtra is seeking an unusual way out: partial tokenization of its power grids. Instead of selling assets or taking on new debt, the state plans to issue digital tokens for 40–50 % of electricity transmission revenues in order to attract capital for expanding infrastructure and energy storage.
According to Praveen Pardeshi, head of the MITRA agency, power transmission lines generate steady income from transmission charges, but the funds invested in them remain "frozen." Tokenization will allow investors to receive a share of these revenues, while the proceeds will go toward new lines and solar energy storage. This is especially relevant for Maharashtra — a state that produces surplus solar energy but suffers from sharp price swings: from 16–18 rupees per unit at peak to 2 paise during periods of surplus.
In parallel, the state is drafting the DELTA Act — India's first regulatory statute governing blockchain tokenization of real estate and other assets. The goal is to create a transparent environment where state assets can "circulate" among a larger number of participants without resorting to privatization. Pardeshi emphasizes: this is not a sale of the "family silver," but a way to involve citizens in financing public projects.
For the ordinary investor, such a model opens access to real infrastructure revenues — similar to a REIT, but with a lower entry threshold and greater liquidity thanks to blockchain. Instead of keeping money in deposits or stocks, one can participate directly in the flows generated by the state grid. The market for tokenized assets is already valued in the tens of billions of dollars, mainly through bonds and loans; Maharashtra is trying to bring it to the level of the real economy.
The main question is exactly how the rights of token holders will be structured and what guarantees investors will receive. For now, the bill is still being drafted, and the details of power grid tokenization are only being discussed. If the experiment succeeds, it could become a model for other regions: infrastructure will cease to be an exclusively state burden and will turn into an instrument where private capital works for the common good, and citizens receive a share in what was previously inaccessible.
