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When a $1 billion power project in Mumbai reached financial closure, Adani Energy Solutions shares increased by over 4%

<p>On August 7, when the Adani group company stated that it has completed the financial aspects of its $1 billion green High Voltage Direct Current (HVDC) transmission connection project, shares of Adani Energy Solutions traded in the green.<img decoding=”async” class=”alignnone wp-image-116545″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-2023-08-07t172438.894.jpg” alt=”theindiaprint.com download 2023 08 07t172438.894″ width=”1409″ height=”789″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-2023-08-07t172438.894.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-2023-08-07t172438.894-150×84.jpg 150w” sizes=”(max-width: 1409px) 100vw, 1409px” title=”When a $1 billion power project in Mumbai reached financial closure, Adani Energy Solutions shares increased by over 4% 12″></p>
<p>The business said in an exchange filing that AESL has closed a $700 million financing deal with nine foreign banks for its High Voltage Direct Current (HVDC) transmission connection between Kudus and Aarey, Mumbai, Maharashtra, which is still under construction.</p>
<p>Given Mumbai’s transmission capacity limitations and its rapidly expanding energy consumption, the HVDC transmission connection is essential for ensuring a continuous supply of renewable energy to the metropolis.</p>
<p>The project is in line with AESL’s goal of reaching a 60% proportion of renewable energy in the entire mix by 2027, having already surpassed its first significant goal of 30%.</p>
<p>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 Banking Corporation, and The Hong Kong Mortgage Corporation Limited, made up the banking consortium for the platform infrastructure financing framework, according to the company.</p>
<p>The transmission and distribution business segment of the Adani Portfolio is called Adani Energy Solutions Limited (AESL).</p>
<p>According to the business, Mumbai’s peak power consumption of 4,000 MW is expected to increase to 5,000 MW by FY25. The island city’s embedded generating capacity is just 1,800 MW, and concerns associated with capacity constraints exist for the current transmission channels. Due to grid issues, the whole city had a significant power outage on October 12, 2020. The HVDC transmission link’s interconnection with the state and federal grids will improve grid stability. By 2027, Adani Electricity Mumbai Ltd (AEML) has promised to bringing the entire contribution of renewable energy to 60%.</p>
<p>At 2:49 PM IST today, the share price went up 3.99% to Rs 828.40 a share.</p>
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