Adani Energy Solutions Ltd., earlier known as Adani Transmission has signed a share purchase agreement to acquire a 100% stake in Halvad Transmission Ltd. from PFC Consulting Ltd.
Halvad Transmission Ltd., is a Special Purpose Vehicle (SPV) set up by PFCCL to evacuate 7 GW of Renewable Energy from the Khavda Renewable Energy Park, under the Phase III Part A package. It will help connect Khavda to Halvad, also in Gujarat.
The Adani Group company won the project through the tariff-based competitive bidding (TBCB) process and will commission the project in the next 24 months, the exchange filing said.
Adani Energy Solutions will invest nearly ₹3,000 crore to build, own, operate and maintain the 301 km transmission project for a period of 35 years. The project will include setting up a 765 kV Halvad switching station with a 2x330 MVAr bus reactors and Line-in, Line-Out of Lakadia-Ahmedabad 765 kV D/c line at Halvad.
"The 7 GW 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 Anil Sardana, the MD of Adani Energy Solutions.
With this project, the total network (installed and under-commissioning) for Adani Energy Solutions now stands at 20,518 ckm and 53,161 MVA of transformation capacity.
This news comes a day after promoters of Adani Green Energy decided to infuse a sum of ₹9,350 crore in the company via a preferential issue of warrants. The TotalEnergies JV will also be investing a sum of $300 million.
Shares of Adani Energy Solutions ended 1.5% higher on Tuesday at ₹1,043. The stock is up 17% so far this year.
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