MUMBAI, August 7 (MeelBijendra) – On Monday, Adani Energy Solutions Limited (AESL), the transmission and distribution business arm of Adani Group, has got the financial closure for a $1 billion project to supply renewable energy in Mumbai, India.
Indian conglomerate Adani is the only private player to install High Voltage Direct Current (HVDC) links in the country in record time and AESL is projected to increase the share of renewable energy in the overall mix to 60% by 2027 with its US$1 billion green HVDC transmission link project.
Adani Energy Solutions Limited (AESL) said its $1 billion project to supply renewable High Voltage Direct Current (HVDC) transmission power to Mumbai will transmit an additional 1,000 MW of renewable energy to the city – It is an 80 km multi-modal project and its construction work will start in October 2023. In addition, the HVDC transmission link will enhance grid stability by providing interface with state and national grids.
Adani Energy Solutions Limited has secured financial closure for its under-construction High Voltage Direct Current (HVDC) transmission link from Kudus to Aarey, Mumbai, Maharashtra with 9 international banks including DBS Bank Ltd, Intesa Sanpaolo S.p.A., Mizuho Bank Ltd., MUFG Bank Ltd, Siemens Bank GmbH, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Hong Kong Mortgage Corporation Limited.
Adani Energy Solutions Limited’s (AESL) USD 1 billion green HVDC link project credit facility is part of a USD 700 million revolving project finance facility committed in October 2021 for its under-construction transmission asset portfolio.
Mumbai’s power demand is expected to reach 5000 MW by March 2025 from the current peak demand of 4000 MW and in the meantime, Adani Energy Solutions Limited (AESL) has achieved a renewable energy share of 30%. In addition, India’s financial capital Mumbai city has only 1,800 MW of embedded generation capacity and existing transmission corridors face capacity constraint risks.