- Japanese financing fuels a next-generation transmission spine for renewable evacuation
- 950-km ±800 kV HVDC link to move clean power from Rajasthan to the heart of North India
- India–Japan partnership brings Hitachi Energy tech, BHEL manufacturing strength
- Project to energise 60 million households, boost grid stability, enable net-zero goals
NE BUSINESS BUREAU
AHMEDABAD, FEB 9
Adani Energy Solutions Ltd. (AESL) has strengthened India’s green energy backbone by securing long-term financing from a consortium of Japanese banks for its flagship high-voltage direct current (HVDC) transmission project—an integrated green energy corridor designed to move massive volumes of renewable power across northern India.
High-Capacity Corridor for India’s Renewable Surge
The project will play a pivotal role in evacuating renewable energy from Rajasthan’s solar-rich regions and delivering it into India’s national grid, directly supporting the country’s rapidly expanding clean power demand.
Configured as a high-capacity ±800 kV HVDC network, the corridor will evacuate 6,000 MW (6 GW) of renewable energy—enough to power 60 million households. Spanning 950 km, the line will connect Bhadla in Rajasthan with Fatehpur in Uttar Pradesh, one of North India’s key industrial and transport hubs.
Grid Stability, Scale and Speed
Scheduled for commissioning by 2029, the HVDC link is set to become a critical green transmission artery—enabling large-scale renewable integration while significantly enhancing grid stability for some of India’s most energy-intensive urban and industrial centres.
Integrated Clean Energy Platform at Work
The asset forms a core part of the Adani Group’s integrated clean energy platform. Rajasthan continues to be a major generation hub for Adani Green Energy Limited (AGEL), whose projects already supply clean power to AESL’s subsidiary, Adani Electricity Mumbai Limited (AEML). AEML currently integrates over 40% renewable energy into its supply mix, placing Mumbai among the world’s largest cities with substantial sustainable power penetration.
India–Japan Financial and Technology Alliance
The financing—led by MUFG Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC)—highlights sustained international confidence in India’s renewable infrastructure expansion. The project will deploy advanced HVDC technology from Hitachi Energy, delivered in collaboration with Bharat Heavy Electricals Limited (BHEL), reinforcing India’s domestic manufacturing ecosystem and the Make in India thrust.
This deepening India–Japan partnership is further reflected in AESL’s recent BBB+ (Stable) credit rating from Japanese rating agency JCR, aligned with India’s sovereign rating—signalling parallel confidence in the country’s policy framework and AESL’s balance sheet strength.
Leadership View
Kandarp Patel, CEO, AESL, said, “This project marks a defining step in building India’s green transmission backbone. The continued support from our Japanese partners—including leading banks and Hitachi—reflects the depth of the India–Japan partnership and our shared commitment to enabling a sustainable energy future. AESL remains focused on developing resilient, future-ready transmission infrastructure to accelerate India’s energy transition.”
ESG-Aligned, Sustainable Financing
The financing has been raised under AESL’s sustainable debt framework, aligned with the Equator Principles, enabling participating lenders to classify the facility as a Green Loan and reinforcing AESL’s commitment to responsible growth and global ESG standards.
Transaction Advisors
Latham & Watkins and Saraf & Partners acted as borrower’s counsel, while Linklaters and Cyril Amarchand Mangaldas advised the lenders on the transaction.
