Apart of this, Adani Energy Solutions Ltd. (AESL), recently attained financial closure for its High Voltage Direct Current (HVDC) project in Mumbai.
Adani Electricity to Develop Two Transmission Lines in Mumbai
AEML will develop two transmission lines in Mumbai, which will collectively be 84 CKm (Circuit Kilometer) in length. As per an article published by Mint on 20th August 2023, the company will be investing more than Rs. 2,000 crore for this project, of which Rs. 1,700 crore will be debt-funded.
One of these transmission links will be developed from Kharghar to Vikhroli in Mumbai. This transmission line will be 34 Km in length and is expected to be completed by 2025. This transmission link will consist of 220 KV and 400 KV transmission lines. A 400 KV substation will also be developed at Vikhroli as a part of this transmission project.
The construction for Thane-Aarey Colony line, the second transmission link, will begin after the completion of the Kharghar-Vikhroli line and is expected to be completed by 2027.
The company is expected to commence work on this project in October 2023.
Adani Energy Solutions Secures Financial Closure for USD 1 Bn. HVDC Project
In a press release dated 7th August 2023, AESL stated that it had attained financial closure for its USD 1 billion (about Rs. 8,244 Cr.) HVDC transmission link project. This transmission link will be 80 Km in length and will be established between Kudus to Aarey in Mumbai, Maharashtra.
The construction for this project will commence in October 2023.
USD 700 Mn. Revolving Finance Facility to Fund Adani’s HVDC Project
AESL stated that the financial closure for its HVDC project has been attained through a USD 700 million revolving loan finance facility*. A consortium of nine international banks, namely, Intesa Sanpaolo S.p.A., MUFG Bank Ltd., DBS Bank Ltd., Société Générale, Mizuho Bank Ltd., Siemens Bank GmbH, Standard Chartered Bank, The Hong Kong Mortgage Corporation Limited and Sumitomo Mitsui Banking Corporation will be providing this debt funding for Adani’s HVDC project.
*Revolving loan project finance facility refers to a loan which can be withdrawn, repaid, and withdrawn again in a flexibly by the borrower.
Adani Group: Ahmedabad-headquartered Adani Group, founded by Gautam Adani in 1988. It is operating across various businesses including transmission & distribution, renewable energy, and defence & aerospace.