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Adani energy arm pursuing over $1 billion capital expenditure programme

By the financial year 2024-25 (FY25), Adani Electricity Mumbai (AEML)'s capacity is set to go up to 5000 MW

Adani Group

Photo: Bloomberg

BS Web Team New Delhi

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Adani Electricity Mumbai (AEML), a subsidiary of Adani Energy Solutions, is pursuing an over $1 billion capital expenditure programme while doubling its share of renewable energy to 60 per cent, according to a report by The Hindu Businessline.

The capital expenditure programme includes adding two transmission lines of 2000MW capacity in Mumbai and Thane. The programme consists of electric vehicle charging stations, installation of rooftop solar panels, and smart meters, and is foreseen over the next 3-4 years. By the financial year 2024-25 (FY25), AEML's capacity is set to go up to 5000 MW.

Apart from a $2 billion global medium-term note programme in place specifically for AEML, funding will be given by a revolving credit line from banks. Adani Energy Solutions is also looking to raise about Rs 8,500 crore through a qualified institutional placement.

Sources were quoted as saying by BL that the two new transmission lines will run from Thane to Aarey, and from Kharghar to Vikhroli. The Kharghar-Vikhroli transmission project is a 400 kV, 2,000 MW underground transmission line providing interrupted power supply to the city suburbs.

AEML, whose distribution network spans over 400 square km and serves over 12 million consumers in Mumbai and Thane districts, supplied over 2000 MW of electricity in FY23.

Recently, AEML tied up an over $700-million credit line with about nine international banks for a high voltage 1000MW direct current line in Mumbai. The line is scheduled to start in a couple of months. The 80-km-long transmission line from Kudus to Aarey can evacuate 1000 MW of power.

 AEML is also adding about 700MW of solar and wind power capacity that will be operational in the next three to four years. The firm also plans to install 27 lakh smart meters in the city and suburbs by FY25, of which 4.3 lakh are already operational.

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First Published: Aug 28 2023 | 7:48 PM IST

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