Adani Electricity Mumbai is investing over Rs 2,000 crore to build two new transmissions lines in the city to strengthen its network as it moves closer to go more green by sourcing as much as 60 per cent of the energy needed for the city from renewables by 2027.
We hope to begin the work on the project from this October. The Thane line will begin after the first line and will be commissioned in 2027, a senior company official, who did not want to be quoted, told PTI. The company reached financial closure last week by securing Rs 1,700 crore debt from international lenders for the projects being executed by its parent Adani Transmission.
We will be investing more than Rs 2,000 crore for this, of which Rs 1,700 crore will be debt-funded, the official said, adding the project also includes setting up a 400-kV substation which will raise the transmission capacity by 1,500 mw, as the company expects the peak demand for the megapolis to cross 5,000 mw mark by FY25 from around 4,000 mw now.
Asked if the Adani group company which entered the city's distribution business three years ago by buying out the licence from the now crippled Anil Ambani group firm Reliance Energy for Rs 18,000 crore, is on course to meet the recent public statement on increasing green energy mix to 60 per cent by 2027, the official answered in the affirmative saying very much or even earlier given what we have done so far. We'll be following a hybrid model of solar and wind and given our current success the company is quite confident of making it or even bettering it, he said.
The company said this credit facility is part of the USD 700 million revolving project finance initiative tied up in October 2021 for its ongoing transmission assets portfolio. The credit line is coming in from DBS Bank, Intesa Sanpaolo, Mizuho Bank, MUFG Bank, Siemens Bank, Société Générale, StanChart, Sumitomo Mitsui Banking Corporation, and Hong Kong Mortgage Corporation.