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HomeNewsIndustry NewsAdani Transmission raises $700 million for under-construction transmission projects

Adani Transmission raises $700 million for under-construction transmission projects

Adani Transmission has raised $700 million to finance its under-construction power transmission asset.“This deal fully finances the under-construction transmission projects in four SPVs in Gujarat and Maharashtra to establish green corridor and strengthen the overall grid,” the firm said in a statement.

ATL has a transmission network of 18,800 circuit km, out of which 13,200 ckt km is operational and 5,600 ckt km is at various stages of construction. It has a target of setting up 20,000 ckt km of transmission lines by 2022. In comparison, state run PGCIL’ transmission network has 169,829 circuit km of transmission lines, 257 substations and 105 gigawatts GW of inter-regional electricity transmission capacity. However, the state-run firm is no longer the Central transmission utility (CTU) having the sole right to build transmission projects in the country.

“This project financing deal is the first of its kind sanctioned by international banks in the transmission sector, and validates the overall development model of the Adani Group,” said Anil Sardana, MD and CEO, ATL in the statement.

This comes in the backdrop of Adani Green Energy Ltd (AGEL) buying Japan’s SoftBank Group Corp.’s and Bharti Enterprises Ltd owned solar power producer SB Energy India for an enterprise value of $3.5 billion. SB Energy India has a total renewable portfolio of 4.954 GW spread across four states in India.

SourceLivemint
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