Adani Energy Solutions Awarded 7GW Renewable Energy Evacuation Project

Adani Energy Solutions Ltd. has been awarded 7 GW renewable energy evacuation transmission project. Separately, the Adani Group company also formed a joint venture with a UAE-based firm for smart metering projects in India and globally.

Adani Energy Solutions signed a share-purchase agreement with state-owned PFC Consulting Ltd. to acquire Halvad Transmission Ltd.

The special purpose vehicle has been set up by PFC Consulting to evacuate—or immediately transfer—7 gigawatts of renewable energy to the grid from Khavda RE Park, under Phase III Part A package, according to an exchange filing on Wednesday.

Adani Energy Solutions won the project through the tariff-based competitive bidding process and will commission it in the next 24 months on a build, own, operate and maintain basis.

The company will be investing Rs 3,000 crore on the 301-km transmission project for 35 years. "The project includes setting up of 765 kV Halvad switching station with 2x330 MVAr bus reactors and Line-In Line-Out of Lakadia– Ahmedabad 765 kV D/c line at Halvad," the filing said.

Adani Energy Solutions' Adani Transmission Step-Four and Esyasoft Holdings of the UAE will set up a joint venture to implement smart metering projects in India and globally, according to a separate filing.

While the Adani Group company will hold 49%, Esyasoft will own 51 in the joint venture, with equal participation in the board of directors.

The company has also announced that its wholly owned subsidiary, Adani Transmission Step-Four Ltd., has entered into a definitive agreement on Tuesday for the formation of the joint venture with UAE-based Esyasoft Holdings, to implement smart metering projects in India and globally.