Adani Energy Solutions (AESL) has signed an agreement with PFC Consulting for the acquisition of a 100% stake in Pune-III Transmission, aiming to enhance its renewable energy infrastructure, as reported by the Business Standard.
The agreement involves establishing substations and a transmission line to evacuate 7GW of renewable energy from Khavda RE Park, Gujarat, under Phase IV Part D.
The Pune-III Transmission projects comprise the development of two new substations and an 816km transmission line. The substations will be 2×1500 MVA, 765/400kV and 3×500 MVA, 400/220kV.
The acquisition aligns with AESL’s strategy to increase shareholder value through organic and inorganic growth.
AESL signed a share purchase agreement with PFC Consulting to acquire Pune-III Transmission’s equity shares at a face value of Rs10 ($0.11) each.
Shares of Adani Energy Solutions fell 20% to Rs697.70 on the Bombay Stock Exchange following the acquisition announcement, according to a report by The Economic Times.
The share price drop coincides with legal challenges faced by Gautam Adani, head of Adani Group, and others in the US over a multibillion-dollar bribery and fraud scheme.
In a related development, Adani Energy Solutions has partnered with the Kenya Electricity Transmission Company to enhance Kenya’s electricity infrastructure. The partnership involves developing transmission lines and substations, with Adani Energy responsible for operation and maintenance over three decades.
The partnership will greatly strengthen Kenya’s national grid with a $736m investment.
Adani Green Energy and TotalEnergies have also formed a joint venture to manage solar projects in India.
The venture will oversee solar projects with a combined capacity of 1.15GW in Khavda, Gujarat. Adani Green Energy will provide its existing assets to the new joint venture, while TotalEnergies will invest $444m to accelerate the projects’ development.
“AESL expands renewables infrastructure with Pune-III Transmission” was originally created and published by Power Technology, a GlobalData owned brand.
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