Adani Energy Solutions secures USD 1 billion financing for HVDC link project in Mumbai

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AHMEDABAD: Adani Energy Solutions Limited (AESL) on Monday announced it was successful in the financial closure for its USD 1 billion green HVDC (high-voltage direct current ) link project, which will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city.

“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 decarbonization and its net zero journey.” said Anil Sardana, MD, AESL.

The credit facility is part of the USD 700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio, the company said in a release.

“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,” Sardana added.

The banking consortium for the platform infrastructure financing framework comprised nine international banks including DBS Bank Ltd., Intesa Sanpaolo S.p.A., Mizuho Bank Ltd., MUFG Bank Ltd., Siemens Bank GmbH, Société Générale, Standard Chartered Bank, Sumitomo Mitsui BankingCorporation and The Hong Kong Mortgage Corporation Limited, it said.

Adani Energy Solutions Limited (AESL) is the transmission and distribution business arm of the Adani Portfolio. (ANI)

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