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					</table><p>Adani Energy Solutions (<a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">AESL</a>) has raised ₹83.73 billion (~$1 billion) through a qualified institutional placement (QIP).</p>
<p>The proceeds from the QIP will be utilized for investment in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.</p>
<p>The QIP represents AESL&#8217;s first equity raise in the capital market since its demerger and listing from Adani Enterprises (AEL) in July 2015.</p>
<p>The transaction was launched on July 30, 2024, with a base deal size of ₹58.61 billion ($700 million) and included a greenshoe option to size up to ₹83.73 billion ($1 billion).</p>
<p>The QIP saw positive demand, receiving bids approximately 6x the base deal size from diverse investors, including utility-focused U.S. investors entering India for the first time, sovereign wealth funds, major Indian mutual funds, and insurance companies.</p>
<p>The strong interest enabled AESL to fully exercise the green shoe option, raising the total issue size to $1 billion.</p>
<p>Kandarp Patel, Chief Executive Officer of AESL, said, &#8220;India&#8217;s robust investment cycle and rising power demand are positive indicators for the power sector. The strong interest from institutional investors reflects their commitment to and belief in India&#8217;s energy transition, in which AESL plays a pivotal role.</p>
<p>AESL has emerged as a pivotal player in India&#8217;s energy transition solutions, focusing on several key areas:</p>
<ul>
<li>Renewable Power Transmission: Investments in projects like Khavda in Gujarat and in Rajasthan for bulk renewable power evacuation.</li>
<li>Renewable Power Penetration: Distributing 37% renewable power in Mumbai and growing this further.</li>
<li>Energy Efficiency: Leading India&#8217;s smart meter installation program and partnering with industrial and commercial establishments for efficiency improvement programs.</li>
<li>Dispatchable Renewable Energy: Providing reliable renewable energy solutions to commercial and industrial customers.</li>
</ul>
<p>In May, Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year.</p>
<p>Adani Green was also the top utility-scale solar project developer in the calendar year 2023, accounting for 28.9% of the yearly capacity additions, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Leaderboard 2024</a>.</p>


Adani Energy Solutions Raises $1 Billion via QIP Route


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					</table><p>Adani Energy Solutions (<a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">AESL</a>), a power transmission and distribution company, has secured a letter of intent to acquire Halvad Transmission from PFC Consulting (<a href="https://www.pfcclindia.com/" target="_blank" rel="noopener">PFCCL</a>).</p>
<p>Halvad Transmission, functioning as a special purpose vehicle, was established by PFCCL to evacuate 7 GW of renewable energy from the Khavda RE park in Gujarat.</p>
<p>AESL will invest approximately ₹30 billion (~$360.6 million) in the transmission project. The company will undertake the responsibility of building, owning, operating, and maintaining the over 301 km (656 ckm) transmission project for 35 years.</p>
<p>AESL acquired Halvad Transmission through a tariff-based competitive bidding process and plans to commission the project within 24 months under the build, own, operate, and maintain model.</p>
<p>PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, <u><a href="https://www.mercomindia.com/pfc-evacuate-7-gw-of-power-khavda-renewable-park" target="_blank" rel="noopener">invited</a></u> bids to develop an interstate transmission system to evacuate 7 GW of power from the Khavda RE Park under Phase-III, Part A.</p>
<p>The Khavda RE park is expected to have a generation capacity of 30,000 MW. The transmission line from Halvad to Khavda will integrate the Khavda RE park into the national grid and facilitate the evacuation of 7 GW of green energy.</p>
<p>The scope of the project includes the establishment of a 765 kV Halvad switching station featuring 2&#215;330 MVAr bus reactors and a line-in line-out connection to the Lakadia–Ahmedabad 765 kV D/c line at Halvad.</p>
<p>Anil Sardana, Managing Director of Adani Energy Solutions, highlighted the significance of the 7 GW project in making additional renewable energy accessible to consumers.</p>
<p>The company said winning the Halvad Transmission project will expand its network (installed and under-commissioning) to 20,518 ckm and 53,161 MVA of transformation capacity.</p>
<p>Recently, AESL <a href="https://www.mercomindia.com/adani-karur-transmission-project" target="_blank" rel="noopener">commissioned</a> the Karur Transmission project in Tamil Nadu, facilitating the evacuation of 2,500 MW of power from renewable sources in the Karur/Tiruppur Wind Energy Zone. The zone features several under-construction wind farms.</p>


Adani Wins Transmission Project to Evacuate 7 GW of Renewable Energy


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					</table><p><a href="https://www.adani.com/" target="_blank" rel="noopener">Adani Group</a>’s subsidiary Adani Energy Solutions Limited (AESL), a private utility providing end-to-end energy solutions, has obtained financial closure for its $1 billion Green High Voltage Direct Current (HVDC) link project in Mumbai.</p>
<p>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.</p>
<p>According to AESL, the city&#8217;s embedded generation capacity stands at only 1,800 MW, and the existing transmission corridors are at risk of capacity constraints.</p>
<p>A significant power blackout event in October 2020 highlighted the pressing need for a stable and robust energy supply.</p>
<p>The company said its Green HVDC link, spanning 80 km, addresses these challenges by integrating state and national grids, injecting an additional 1,000 MW of renewable power into Mumbai, and ensuring an uninterrupted power supply in the future.</p>
<p>The endeavor aims to further &#8220;green&#8221; the Mumbai grid, supplying renewable power to the city and supporting its growing electricity demand.</p>
<p>Adani claimed the HVDC transmission technology chosen for this project stabilizes power distribution networks, mitigating synchronization problems and cascading failures caused by sudden new loads or blackouts.</p>
<p>HVDC is the only viable technology for island cities where submarine cables are used to procure power supply.</p>
<p>Most importantly, HVDC transmits more energy per square meter, resulting in lower energy losses.</p>
<p>The financial closure of the Green HVDC link project was made possible through a $700 million revolving project finance facility, which AESL had secured in October 2021 for its transmission assets portfolio.</p>
<p>Financing for the project was made through a unique platform infrastructure financing framework, which offers a distinctive approach by providing access to funds for future projects based on payments made back by other projects in the portfolio.</p>
<p>A consortium of nine international banks, including <a href="https://www.dbs.com/in/index/default.page" target="_blank" rel="noopener">DBS Bank</a>, <a href="https://group.intesasanpaolo.com/en/" target="_blank" rel="noopener">Intesa Sanpaolo</a>, <a href="https://www.mizuhogroup.com/bank" target="_blank" rel="noopener">Mizuho Bank</a>, <a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG Bank</a>, <a href="https://www.siemens.com/global/en/company/about/businesses/financial-services/siemens-bank.html" target="_blank" rel="noopener">Siemens Bank</a>, <a href="https://www.societegenerale.com/fr" target="_blank" rel="noopener">Société Générale</a>, <a href="https://www.sc.com/in/" target="_blank" rel="noopener">Standard Chartered Bank</a>, <a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">Sumitomo Mitsui Banking Corporation</a>, and <a href="https://www.hkmc.com.hk/eng/amigos_by_hkmc/index.html" target="_blank" rel="noopener">The Hong Kong Mortgage Corporation</a>, played a crucial role in realizing this financing milestone.</p>
<p>Recently, Adani New Industries, a wholly owned subsidiary of Adani Enterprises, <a href="https://www.mercomindia.com/adani-394-million-barclays-deutsche-bank-solar-manufacturing" target="_blank" rel="noopener">secured</a> 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.</p>
<p>Renewable energy company Adani Green Energy <a href="https://www.mercomindia.com/adani-green-55-yoy-rise-revenue-q1-fy24" target="_blank" rel="noopener">generated</a> revenue of ₹20.59 billion (~$250.36 million) from the sale of energy in the first quarter of the financial year 2024, a 55% year-over-year increase from ₹13.28 billion (~$165.11 million).</p>


Adani Attains Financial Closure for $1 Billion HVDC Transmission Link in Mumbai

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