Adani Energy secures finance for $1-bn project

New Delhi: Adani Energy Solutions Ltd (AESL) on Monday said it has achieved financial closure for its $1- billion green high voltage direct current (HVDC) link project that will increase renewable energy supply to Mumbai. The 80-km multi-faceted project will offer a technological upgrade to the Mumbai city. The construction work for this link will begin in October 2023, AESL (erstwhile Adani Transmission Ltd) said in a statement.

“AESL has announced successful financial closure for its $1 billion Green HVDC link project, which will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand,” it said.

HVDC transmission technology is superior to other conventional technologies as it stabilizes power distribution networks, where sudden new loads or blackouts in one part of the network may lead to synchronization problems and cascading failures. Besides, it is the only technology suitable for islands where submarine cables are used for procuring power supply and results in lower energy losses.