Adani Energy Solutions, formerly known as Adani Transmission, has signed an agreement with Megha Engineering and Infrastructures to acquire KPS 1 Transmission (KPS1) at Khavda in Gujarat.

Adani Energy will buy 100% equity shares of KPS 1 at a face value of ₹10 (~$0.12) per share.

KPS 1 is a special-purpose vehicle created for the inter-state transmission project of the Ministry of Power to implement the KPS1-Khavda power substation gas-insulated switchgear 765 kV double circuit line and its augmentation.

REC Power Development and Consultancy handed over KPS1 Transmission to Megha Engineering in April 2023. The project was targeted to be implemented in 21 months.

Adani is among the developers of the 30 GW hybrid renewable energy project developed at Khavda in the Kutch district by the Gujarat Power Corporation.

Adani Energy recently obtained financial closure for its $1 billion Green High Voltage Direct Current link project in Mumbai. The company said the link would help enhance grid stability in Mumbai, where the electricity demand is projected to touch 5,000 MW by 2025, compared to the current peak demand of 4,000 MW.

Last December, Adani Transmission received the Letter of Intent to acquire Karur Transmission. The project incorporated by PFC Consulting involves establishing a 2×500 MVA, 400/230 kV Karur Pooling Station line in line out of both circuits of Pugalur — Pugalur (HVDC) 400 kV DC line. ATL’s project execution will help evacuate renewable energy from the Karur-Tiruppur region. The estimated capital expenditure is more than ₹2 billion (~$26.67 million).

Recently, Adani New Industries, a wholly owned subsidiary of Adani Enterprises, secured a trade finance facility of $394 million from Barclays and Deutsche Bank to fulfill the working capital needs of their integrated solar module manufacturing facility.

Mundra Solar Energy, a step-down subsidiary of Adani Enterprises, received the commercial operational date certificate from Solar Energy Corporation of India for a 2 GW solar cells and modules manufacturing facility at Mundra in Gujarat.