Adani To Invest Rs 2000 Cr In Mumbai For Transmission Lines
Adani Electricity Mumbai is investing more than Rs 2,000 crore to develop two new transmission lines in Mumbai in order to enhance its network as it works to become more environmentally friendly by getting up to 60 per cent of the city's energy needs from renewable sources by 2027.
As per reports,
The Thane-Aarey Colony line and the 84 ckm Kharghar (in Navi Mumbai) Vikhroli line are the two new transmission lines. They are located in the northeastern neighbourhood of the megalopolis. By 2025, the Vikhroli line will be completed. As per the company, they intend to start working on the project in October. The Thane line will start after the first line and be operational in 2027.
The company secured Rs 1,700 crore in loans from foreign lenders last week to pay for the projects being carried out by its parent company Adani Transmission, bringing about its financial closure. The project also includes building a 400-kV substation, which will increase the transmission capacity by 1,500 mw, as the company anticipates the megapolis' peak demand to surpass 5,000 mw by FY25 from roughly 4,000 mw at present.
On Monday, Adani Energy Solutions obtained financial clearance from foreign lenders for a further USD 1 billion for its green transmission connection project. This credit line, according to the business, is a component of the USD 700 million revolving project finance effort that will be secured in October 2021 for its portfolio of ongoing transmission assets. DBS Bank, Intesa Sanpaolo, Mizuho Bank, MUFG Bank, Siemens Bank, Socit Globale, StanChart, Sumitomo Mitsui Banking Corporation, and Hong Kong Mortgage Corporation are contributing to the loan line.
