The Adani Energy Solutions Ltd (AESL) has received a letter of intent (LoI) to acquire Halvad Transmission from PFC Consulting, the company said on Wednesday.
Halvad Transmission is a special-purpose vehicle set up by PFC Consulting for evacuating 7GW of renewable energy (RE) from Khavda RE Park, Gujarat.
According to the reports, AESL will spend Rs 3,000 crore to build, own, operate and maintain the 301 km (656 circuit kilometre or ckm) transmission project for a period of 35 years.
Further, the company said in a statement that it won the project through tariff-based competitive bidding and will commission it in the next 24 months. “The 7GW Khavda project will go a long way in making additional renewable energy available for the consumers and we will use the latest technology to commission this project with minimal environmental impact,” said AESL managing director Anil Sardana.
The project will further consolidate AESL’s market-leading position and take its network (installed and under commissioning) to 20,518 km and 53,161 MVA of transformation capacity.
It is worth highlighting that the Khavda RE Park is touted to be the world’s largest RE park, with a green energy generation capacity of 30,000 MW. Halvad transmission line, a part of the national grid, will help evacuate 7GW of RE by connecting Khavda to Halvad.
The company has also said that its arm, Adani Transmission Step-Four (ATSFL), will form a joint venture with UAE-based Esyasoft Holdings (EHL) to implement smart metering projects in India and abroad.
ATSFL and EHL would hold a 49 and 51 per cent shareholding, respectively, in the proposed joint venture with equal participation in the company’s board of directors.
In a separate development, the company said in its filing said that Billionaire Gautam Adani and his family will inject Rs 9,350 crore into the conglomerate’s green energy arm to equip it to achieve the 45 GW target by 2030 and to meet debt payment obligations.
It said the investment will be used for deleveraging and accelerated capital expenditure in Adani Green Energy Ltd (AGEL).