Adani Energy Solutions Bags USD 1 Billion Financing for Green HVDC Link Project in Mumbai
The 80-km multi-faceted project will provide a technological upgradation to the city while tackling all the complexities in developing such a huge-scale project in a Mumbai city.
August 09, 2023. By EI News Network
AESL has attained USD 700 million in financial closure with nine international banks for the HVDC transmission link between Kudus and Aarey in Mumbai.
The construction is to commence in October 2023.The company stated this project will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand.
The AESL has attained USD 700 million in financial closure with nine international banks for its under-construction HVDC transmission link between Kudus to Aarey, in the city.
The 80-km multi-faceted project will provide a technological upgradation to the city while tackling all the complexities in developing such a huge-scale project in a Mumbai.
The company explained the project is in line with AESL’s commitment to expanding the share of renewable power in the overall mix to 60 percent by 2027; it has already attained its first major target of 30 percent.
Mumbai’s electricity demand is anticipated to reach 5,000 MW by the fiscal year 2025 from the current peak demand of 4,000 MW. The island city has only 1,800 MW of set production capacity and the existing transmission corridors face capacity constraint risks.
The link shall inject a surplus of 1,000 MW of renewable power into the city, thus ensuring an uninterrupted power supply in the future.
Anil Sardana, MD, AESL, said, “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.”
He added, “We would like to express our sincere appreciation to our banking partners for their continued support in completing the transaction smoothly and for their endured faith and confidence in AESL.”
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