Adani Energy acquires renewable energy transmission firm in Gujarat

ADANI Energy Solutions on Monday said it has acquired a 298-km special purpose vehicle (SPV) of the Khavda Phase IV Part-A transmission project entailing an investment of ₹40.91 billion (£371.07 million).

Khavda IVA Power Transmission Ltd, an SPV, was set up by REC Power Development and Consultancy Ltd (RECPDCL) to evacuate 7 GW of renewable energy from Khavda RE park in Gujarat, the company said in a statement.

Adani Energy Solutions (AESL) will commission the project in Gujarat in the next 24 months on BOOT (build, own, operate and transfer) basis, it said.

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The company will invest ₹40.91 billion to build the 298-km transmission project, as per the statement.

AESL won the project through the tariff-based competitive bidding process and to maintain it for the next 35 years, according to the statement.

"As the world’s largest renewable energy park, Khavda demands power evacuation infrastructure that is not only world-class but also resilient and future-ready," AESL Chief Executive Officer Kandarp Patel said. (PTI)