Shares of Adani Energy Solutions Ltd will be in focus on Wednesday morning after the Adani group firm said it has signed share purchase agreement with PFC Consulting for acquisition of 100 per cent shares of Halvad Transmission Limited (HTL). Besides, the Adani firm said its wholly-owned subsidiary Adani Transmission Step-Four Ltd entered into a definitive agreement for formation of 49:51 joint venture with UAE-based Esyasoft Holdings, to implement Smart Metering projects in India and globally.
In the case of UAE joint venture, an agreement has been entered into to enable licensing by EHL to IPRs of software products for smart meters and other industrial applications and further development of such products by a joint venture company of ATSFL and EHL.
In the case of Halvad Transmission, it is a special purpose vehicle (SPV) set up by PFCCL for evacuating 7 GW of Renewable Energy (RE) from Khavda RE park, under Phase III Part A package. Adani Energy Solutions won the project through the Tariff-Based Competitive Bidding (TBCB) process and will commission the project in the next 24 months on BOOM (Build, Own Operate, and Maintain) basis.
With this, Adani Energy Solutions’ network - -installed and under-commissioning – increased to 20,518 ckm and 53,161 MVA of transformation capacity. “The world’s largest renewable energy park, with a generation capacity of 30,000 MW of green energy, is coming up at Khavda, Gujarat. The Halvad transmission line, part of National Grid, will help evacuate 7GW of RE by connecting Khavda to Halvad (also in Gujarat),” Adani Energy Solutions said.
Adani Energy Solutions said it would be investing Rs 3,000 crore to build, own, operate and maintain the 301 km (656 ckm) transmission project for a period of 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, it noted.
MD Anil Sardana said, “AESL is committed to partner with the government and developers of renewable energy to expedite efficient evacuation of renewable energy from the generating regions upto the consumers. The 7GW Khavda Project will go a long way in making additional renewable energy available for the consumers and we will use latest technology to commission this project with minimal environmental impact.”