Adani Transmission (ATL) has signed a share purchase agreement with REC Transmission Projects Company for the acquisition of WRSS XXI (A) ) Transco project in Gujarat for an undisclosed price.
The transmission project comprises of nearly 272 ckt kms of 765KV line and 3000MVA transformation capacity. It is mainly being constructed to strengthen the transmission system for relieving over loadings observed in Gujarat Intra-State system due to renewable energy Injections in Bhuj Pooling Station.
Adani Transmission, the transmission business arm of the Adani Group, will build, own, operate and maintain the project in the state for a span of 35 years.
Adani Transmission MD & CEO Anil Sardana said: “With the signing of the Share Purchase Agreement of WRSS XXI (A) Transco Limited for execution of transmission project in the state of Gujarat, ATL’s position as the largest private sector transmission company operating in India is consolidated further.
“It will also allow the Company to contribute towards Government of India’s quest of achieving generation of 175 GW renewable energy by 2022.”
The company had secured the project through a Tariff Based competitive bidding process and received the Letter of Intent (LoI) in July.
The WRSS XXI (A) project consolidates ATL’s transmission network
With the acquisition, ATL’s cumulative transmission network will reach in excess of 14,000 ckt kms of transmission line and more than 23,000 MVA transformation capacity, out of which over 11,000 ckt kms and more than 18,000 MVA are currently in operations.
The WRSS XXI (A) transmission project will also help the India-based company to reach closer to its goal of building 20,000 ckt km of transmission lines by 2022.
The project will also boost the pan-India presence of the ATL while further supporting the sustainable development of renewable energy infrastructure development in the country.
In December 2017, Reliance Infrastructure (RInfra) had sold its integrated Mumbai power business, known as Reliance Energy to Adani Transmission Limited (ATL) for a sum of INR18,800crore ($2.6bn).
