Adani Energy Secures LoI for Rajasthan Renewable Power Transmission Project

5 Dec 2024 , 01:53 PM

Adani Energy Solutions Ltd has received Letter of Intent (LoI) from REC Power Development and Consultancy Ltd, a subsidiary of state-run REC Ltd. LoI is for the development of Transmission System for power evacuation from Renewable Energy Zone (REZ) in Rajasthan.

The project falls under Phase-III Part-I, which was awarded through Tariff-Based Competitive Bidding Process. The LoI is accepted if Adani Energy Solutions agrees to the terms without any qualification and satisfies some conditions within 10 days of issuance. In the National Stock Exchange, shares of Adani Energy Solutions Ltd is trading at ₹823 which is a 1.26% gain than the previous close. 

The project will be finalized upon the basis of binding agreements between Adani Energy Solutions and REC Power Development and Consultancy Ltd. The company further said that the receipt of the LoI is in keeping with its commitment to improving renewable energy infrastructure in India.

Adani Energy Solutions Ltd was previously known as Adani Transmission Ltd. It is the largest private sector transmission companies in India based in Ahmedabad. The company founded December 2015, was started by Gautam Adani, and deals in accelerating India’s energy transition besides handling large transmission operations. This project highlights Adani Energy Solutions in support of the renewable energy goals and the initiative of sustainability in India.