Adani Energy Solutions Secures $1b for Green HVDC Link Project

economictimes.indiatimes.com:

Adani Energy Solutions (AESL), the transmission and distribution business arm of the Adani Group, said it has achieved financial closure for its $1 billion (about ₹8,268 crore) green high voltage direct current (HVDC) link project, which will increase renewable energy supply to Mumbai. The credit facility is part of the $700 million revolving project finance facility tied up in October 2021 for the company's under-construction transmission assets portfolio.

«This unique platform infrastructure financing framework that funds various under-construction assets, offers project access to funds that another project in the portfolio has paid back,» AESL said in a press statement on Monday. It said such an effective one-time structure ensures continuous and consistent access to capital for all future projects in the company's transmission portfolio.The banking consortium for the platform infrastructure financing framework comprised nine international banks — DBS Bank, Intesa Sanpaolo S.p.A., Mizuho Bank, MUFG Bank, Siemens Bank GmbH, Societe Generale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Hong Kong Mortgage Corporation.

«This link is the need of the hour for the city and will support its growth aspirations. It showcases our commitment to offering Mumbai a brighter and greener future.

The project will help accelerate the city's decarbonisation and its net zero journey,» said Anil Sardana, managing director, AESL. Mumbai's electricity demand is expected to increase to 5,000 MW by 2024-25 from the current peak demand of 4,000 MW.

The island city has only 1,800 MW of embedded generation capacity and the existing transmission corridors face capacity constraint risks. On October 12, 2020, the entire city