August 7th 2023.
Adani Energy Solutions Limited, India's largest private utility provider, announced on Monday that they have successfully secured financial closure for their USD 1 Billion Green HVDC link project. This project will enable Mumbai to embrace renewable energy and support the rising electricity demand for the city.
The project was funded by a consortium of nine international banks. These include DBS Bank Ltd., Intesa Sanpaolo S.p.A., Mizuho Bank Ltd., MUFG Bank Ltd., Siemens Bank GmbH, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Hong Kong Mortgage Corporation Limited.
Mumbai is expected to have a peak electricity demand of 5,000 MW in FY25, up from the current peak demand of 4,000 MW. The city currently has only 1,800 MW of embedded generation capacity, leaving it with a significant gap. This is why the HVDC transmission link is so important - it will ensure the city's grid stability and inject 1,000 MW of renewable power into the system.
The 80 km multi-faceted project is a major technological upgradation for Mumbai, one that will help the city on its path towards decarbonization and net zero emissions. Construction will begin in October 2023. Anil Sardana, MD of AESL said, “This link is the need of the hour for the city and will support its growth aspirations. It showcases our commitment to offering Mumbai a brighter and greener future.”
The facility is also certified as a “Green Loan” by Sustainalytics, supporting the transmission of clean energy and advancing the UN Sustainable Development Goals 7 and 9. With this project, Adani Energy Solutions Limited is helping to pave the way for a brighter and more sustainable future for Mumbai.
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