Ahmedabad, February 9: Adani Energy Solutions Limited (AESL) announced on Monday that it has secured long-term funding from a consortium of Japanese banks for its significant high-voltage direct current (HVDC) transmission project.
This project aims to develop a 6,000 megawatt green energy transmission line, enhancing renewable energy supply in Northern India. The electricity generated will be sufficient to power approximately 60 million homes.
Spanning nearly 950 kilometers, the corridor will be constructed from Bhadla in Rajasthan to Fatehpur in Uttar Pradesh, with plans to become operational by 2029. This line will serve as a crucial route for green energy transmission, bolstering electricity supply to major cities and industries.
The company stated that the project will play a vital role in channeling electricity from Rajasthan’s solar-rich regions to the national grid, helping to meet the country’s growing demand for clean energy.
AESL’s CEO, Kandar Patel, remarked, “This project is a significant step towards strengthening India’s green transmission framework. The support from Japanese banks and partners like Hitachi reflects the robust partnership between India and Japan and our shared vision for clean energy.”
He further emphasized that AESL is focused on creating a resilient and future-ready electricity transmission system to accelerate India’s energy transition towards clean energy.
This initiative is part of Adani Group’s clean energy platform. Rajasthan serves as a major power generation hub for Adani Green Energy Limited (AGEL), supplying clean energy to AESL’s affiliate, Adani Electricity Mumbai Limited (AEML).
Currently, AEML utilizes over 40 percent renewable energy in its total electricity supply, positioning Mumbai among the major cities globally that effectively harness sustainable energy.
Funding for this project comes from Japanese banks, including MUFG Bank Limited and Sumitomo Mitsui Banking Corporation (SMBC), showcasing international confidence in India’s renewable energy initiatives.
The project will employ Hitachi’s advanced HVDC technology, implemented in collaboration with BHEL, which will also strengthen India’s domestic manufacturing sector.
The growing financial and industrial cooperation between India and Japan is reflected in AESL’s recent BBB+ (Stable) credit rating from the Japanese rating agency JCR, aligning with India’s sovereign rating.
